Romania, Nofar Energy has acquired new 255 MW solar energy project

, SEE Energy News

Israeli renewables developer Nofar Energy said that it has acquired new 255 MW solar energy project in Romania, which brings its RES project portfolio in the country to a total of 579 MW.

The statement from the company said that the acquired project is in an advanced stage of development, with the construction ready to begin after receiving all necessary regulatory approvals in 2023. It is estimated that the project’s development will cost around 135 million euros. The solar power plant will be built on a 290 hectares land plot in southern Romania.

Nofar Energy will hold a share of between 85.5 and 90 % in the project, which is expected to generate annual revenues of some 27 million euros.

The company’s portfolio in Romania includes the 155 Ratesti solar power plant which is an advanced stage of construction and 169 MW Iepuresti solar power plant, which is still under development.

The new acquisition is in line with Nofar Energy’s goal to reach 1 GW of RES capacity in Romania by the end of 2022. The company is also planning to invest over 300 million euros in wind and solar project in Romania in the next two years.