Restart Energy Signed a Grid Connection Contract for a 50MW Solar Photovoltaic Project in Romania
/LONDON, January 18, 2022, 9:15 GMT, RENEWABLE MARKET WATCHTM/ This 50MW solar photovoltaic (PV) project is the first crucial step in the planned 500 MW pipeline of renewable energy projects in Romania by 2025. It is located in Sărmăşag, Sălaj County of Romania, and the estimated investment for its realisation is EUR 40 million. The estimated аnnual energy production (AEP) is 60,000 MWh. The final commissioning of the project is scheduled for the end of Q1 2022. Through this project, Restart aims to create 100 temporary jobs (during construction) and 15 permanent jobs - during operation. Furthermore, Restart Energy has planned to purchase or develop 100MW renewable energy projects (solar, wind, biogas, biomass and geothermal) each year.
As part of the Armand Group, on the renewable energy market since 2009, Restart Energy is determined to bring a substantial change in the Romanian electricity and natural gas supply.
In January 2021, Restart Energy signed a partnership with the American fund Interlink Capital Strategies of Washington DC to finance the development of 500MW of renewable projects in Romania by 2025 to supply 100% locally produced green energy to all end customers.
In February 2021, Restart Energy successfully closed its first bond issue dedicated to developing and acquiring renewable energy generation assets in Romania, raising 16.3 million lei (EUR 3.76 million). The offering was oversubscribed, underlining the high investor interest in the company's development and the green energy segment.
History of Solar Market Development in Romania
By the end of 2011, the country had approximately 3MW installed capacity, by the end of 2012 this capacity increased fourteenfold to approximately 42MW, and with a more than thirty-fold explosive growth cumulative installed capacity reached 1,293MW (1.29GW) by the end of 2014. However, solar photovoltaic market growth in Romania between 2015 and 2020 was moderate with only 97MW newly installed capacity in this period. The Renewable Market Watch™ registered that after a 7-year stagnation in the solar power market in Romania since 2021, the activity in the solar energy sector increased.
Romania Solar Resource Potential
Romania has very good solar resource potential as the geographical location is favourable for utilising solar energy. Romania is located in an area with a solar potential of 210 sunny days per year and with an annual solar energy flux between 1,000 kWh/m²/year and 1,300 kWh/m²/year. From this total amount, around 600 to 800 kWh/m²/year is technically feasible.
Chart 1: Solar Resource Map of Romania; Sources: Wolrd Bank Group, ESMAP, SolarGis
According to the study of the Faculty of Energy Engineering at the University of Oradea in the South of Romania, the yearly solar radiation is 1450 ÷ 1750 kWh / m², being the best value for solar installations. The values greater than 1450 kWh/m² are in Oltenia, Muntenia, and the South of Moldova. The most important solar regions of Romania are the Black Sea coast, Dobrogea, and Oltenia with an average of 1,600 kWh/m²/year.
Future Market Trend
The Romanian solar energy market is expected to be heading toward the expansion phase by 2030. Factors propelling the market growth include concerns regarding the environmental impacts of fossil fuels, such as degradation, greenhouse gas emissions (GHG), severe climate change conditions, and others. Also, rapid urbanization and economic growth in the largest Romanian cities are significant factors driving the solar energy market. The power market (including the solar photovoltaic sector) in Romania shall be impacted by the COVID-19 post-financial crisis, but we remain optimistic about the future development of solar energy in the country by 2030.
The more information about the solar power market in Romania, including full contact details of solar project owners and developers, you may read here: Romania Solar Photovoltaic (PV) Power Market Outlook 2021÷2030
In order to download the executive summary brochure with sample pages, please access from here: Romania Solar Photovoltaic (PV) Power Market Outlook by 2030 - Sample
For a better understanding of the benefits of using our reports, you may read here: Benefit List - Reports of Renewable Market Watch - 2022
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