Romania's Electrica buys 12-MWp shovel-ready solar project

Romanian state-controlled electricity distribution group Societatea Energetica Electrica SA (BSE:EL), better known as Electrica, has acquired a company that holds the rights to a 12-MW DC/9.75-MW AC solar project in eastern Romania.

The deal covers the acquisition of project vehicle Green Energy Consultancy & Investments SRL, Electrica said in a bourse filing on Monday. While the final value of the purchase was not disclosed, the original agreement signed in July 2022 called for an estimated price of EUR 600,000 (USD 642,800).

The acquired project is set to create a solar park near Vulturu locality in Vrancea county. The scheme is currently in the ready-to-build stage. Details about the construction timeline and expected power output were not available.

Electrica noted that the transaction was carried out in line with its 2019-2023 strategy to expand its operations in the power generation sector and renewable energy in particular.

(EUR 1.0 = USD 1.071)

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