Romania, Electrica’s shareholders approved the establishment of renewable energy subsidiary

, SEE Energy News

The shareholders of Romanian electricity supplier and distributor Electrica have approved the establishment of the subsidiary which will handle the group’s investments in the field of renewable energy generation and energy storage – Electrica Productie Energie.

Electrica Productie Energie is organized as a joint stock company, a subsidiary of Electrica, in which it will hold a percentage of 99.992 % of the share capital. The new subsidiary will deal with the acquisition and development of projects for electricity generation from renewable sources, respectively the operation of energy generation capacities, cumulated with the development and operation of independent storage solutions that the company intends to develop future.

According to the strategy for the period 2019- 2023, Electrica aims to expand in renewable energy field, as well as to increase performance and strengthen the sustainability of economic results. These growth targets have been addressed by the inorganic growth projects carried out in the last two years, one of which has been successfully completed and others are currently underway. In addition to the acquisition of the Stanesti solar power plant in Giurgiu County, Electrica has taken an important step towards implementing the group’s strategy of upstream integration of activities, by investing in renewable energy production capacity projects, by involving other three project companies that are developing a portfolio totaling an installed capacity of 207 MW, composed of two solar power plant in the Satu Mare area and a wind farm, which also includes an electricity storage capacity in the Dobrogea area.

In order to ensure an increased agility, which allows the optimal use of opportunities, Electrica has proposed the development of a portfolio of electricity generation capacities from renewable sources with a cumulative capacity of 400 MW, in parallel with storage capacities of electricity with an installed capacity of up to 100 MW.