UK Developer Acquires Largest Photovoltaic Project in Europe

British firm Rezolv Energy has agreed to buy a 1044MW solar project from Romanian developer Monsson. The project is located in Arad County in western Romania and is currently in the late development stage. The project is expected to start construction early next year and will be commissioned in 2025.

The Romanian solar market is about to take off, and the proposed CFD (Contracts for Difference) program will drive growth. The scheme guarantees a minimum electricity price and replaces the previous green certificate scheme.

Mihai Balan, executive director of the Romanian Photovoltaic Industry Association (RPIA), told pv magazine: “According to the Romanian National Recovery and Recovery Plan (NRRP), in the first round of CFDs, it is expected that no less than 1,500MW of photovoltaic capacity will be installed in the second half of 2023, while in the second round in the first half of 2025, 2000MW of photovoltaic systems will be installed.”

According to a guideline published in 2020, the Romanian government is working with the European Bank for Reconstruction and Development (EBRD) to develop the scheme, with a planned investment of EUR 125 million per year.

The Romanian PV market is bright due to a number of factors that have been actively developed recently. These include the lifting of a nearly 10-year-old ban on power purchase agreements, a 1:1 quantitative compensation for prosumers with installed capacity up to 200kW, and a tender for the deployment of the country’s first 950MW renewable energy facility.

The RPIA has responded by raising its expectations to more than 3 GW of new renewable energy installed by 2026, of which about 2 GW of photovoltaic systems are planned.

By 2030, Romania can receive more than 16 billion Euros in economic recovery and modernization funds from the EU for comprehensive reforms in its energy sector. The Romanian government has allocated 457.7 million Euros for a 950MW renewable energy procurement campaign launched in March this year for wind and photovoltaic systems, possibly with energy storage.

Romania has committed to phasing out coal-fired power generation by 2032 and replacing it with nuclear power, natural gas and renewable energy. The company also said it will restructure CE Oltenia which mainly burns lignite-fired power by 2026 and replace its previous generation facilities with a 725MW photovoltaic system and several natural gas facilities.