Econergy and Nofar Energy’s largest solar project in Romania
Econergy and Nofar Energy have jointly announced the commencement of commercial operations for the Ratesti Solar Project in Romania.
Image source: Econergy
Romania: Econergy and Nofar Energy have jointly announced the commencement of commercial operations for the Ratesti Solar Project in Romania.
This PV project, the largest of its kind in Romania and Southeastern Europe, has a capacity of 155 MW and represents an investment of €102 million. It is equally owned by Israeli companies Econergy (50%) and Nofar Energy (50%). Econergy provided project management services (EPCm) to the joint project company, with an agreement for a ten-year management period following its connection to the Romanian electricity grid, in exchange for 4% of the project’s revenue.
The project should begin supplying full-scale electricity to the grid in the coming weeks, and will provide green electricity to around 100,000 households, contributing to a significant reduction in CO2 emissions, estimated at 168,000 tons annually, in Romania.
This is the first project being connected in Romania from Econergy’s portfolio of projects in various stages of development and construction, totalling approximately 2.2 GW and it is the company’s flagship project in Europe. During the first half of 2024, the company plans to connect several additional new projects in the country with a total capacity of 234 MW.
Eyal Podhorzer, Co-Founder and CEO of Econergy said: “I am thrilled about the commercial operation of Ratesti, our flagship project in Europe as a publicly traded company and a leading Independent Power Producer (IPP) in Europe. Ratesti is currently the largest solar project in Romania, and its connection represents a significant milestone beyond the accumulation and net asset value forecast for shareholders. In 2024, alongside additional projects in Romania, we expect to connect further projects across Europe, including 648 MW of PV and wind projects and an additional 102 MWh of energy storage, projected to generate annual revenues exceeding €160 million.”
Source: Econergy
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