Nofar Energy eyes 1.5 GW of wind, solar acquisitions in Romania

Israeli renewables developer Nofar Energy Ltd (TLV:NOFR) has acquired a 73-MWp solar project in Romania as part of a broader plan to take possession of 1.5 GW of wind and solar schemes in the Balkan country through 2023.

The latest acquisition adds to the company’s 600-MWp renewable energy portfolio in Romania as of end-2022, it said on Tuesday. Its plans are to pour more than EUR 500 million (USD 541.1m) to complete already initiated projects within the next two years.

The 73-MWp photovoltaic (PV) project was bought from an unnamed party. It will be installed in southern Romania’s Giurgiu County, on the border with Bulgaria, with its construction planned to commence in the first half of 2023. Potentially, the park will be later expanded to up to 130 MWp, depending on the technical conditions.

Nofar stepped into the Romanian renewable energy market in 2021. It is currently working on the construction of the 155-MWp Ratesti solar project, which is in the final stages of construction and is planned to be powered up early this year. Plans are also in progress for a 255-MW solar complex in southern Romania calling for an investment of EUR 135 million.

The entire capacity in Nofar's Romanian pipeline is expected to become operational in 2024-2025, the company said.

(EUR 1.0 = USD 1.082)

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