Commercial operations have commenced at the Ratesti Solar Project in Romania, boasting a capacity of 155MW.
This photovoltaic facility, owned by Israeli firms Econergy and Nofar Energy, stands as the largest of its kind not only in Romania but also in south-east Europe, with a substantial investment of €102 million.
In the coming weeks, the solar array is poised to start delivering full-scale electricity to the grid. Anticipated to provide green power to approximately 100,000 households, the project is expected to make a significant impact by reducing CO2 emissions by an estimated 168,000 tons annually.
Notably, the Ratesti Solar Project marks the inaugural connection in Romania from a broader portfolio of projects at various stages of development and construction, totaling around 2.2GW.
Looking ahead, the project aims to expand its reach by connecting several additional sites in Romania, already in the construction phase, during the first half of 2024. These new sites are projected to have a combined capacity of 234MW.
Eyal Podhorzer, Econergy co-founder and chief executive, 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 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 648MW of PV and wind projects and an additional 102MW-hours of energy storage, projected to generate annual revenues exceeding €160m.”
The company has a strong capital structure ensuring the implementation of planned projects over the next five years.”
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