Law firm Schoenherr Romania announced it assisted Israel-based renewable energy company Nofar Energy in acquiring a 153 MW PV power project currently under development in Romania from local real estate developer Portland Trust.
“Nofar Energy and its partner, the independent power producer Econergy, plan to complete the construction of the project and start power production by early 2023,” the buyers' representatives told pv magazine, noting that Econergy will be responsible for EPC construction and O&M operations. The financial terms of the operation were not disclosed.
Named Ratesti, the project is set to be constructed at an unspecified location in the Arges county, in the southern part of Romania, and is described as the largest PV project currently at an advanced stage of development in the country. “Econergy and Nofar Energy see Romania as an important target market, providing a substantial growth platform for future renewables investment, taking into account Romania's growing renewables landscape and great solar and wind resources,” the two companies said in a joint statement.
Currently, there are other large-scale PV projects under development, after the government introduced more favorable rules for power purchase agreements in May 2020.
These include a 700 MW project that is set to be spread across the municipalities of Grăniceri and Pilu and another one under development by Complexul Energetic Oltenia (CE Oltenia), which wants to deploy 310 MW at one of its coal power facilities.
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