Econergy sells 214-MW Romanian PV project to Turkish group

• Econergy's strategic divestment of Niculesti solar project in Romania to Tupras for EUR 33 million marks a profitable move towards income source diversification.

Econergy Renewable Energy Ltd of Israel has sold its 214-MW Niculesti solar photovoltaic project in Romania to Turkish company Tupras Turkiye Petrol Rafinerileri for EUR 33 million. The divestment aligns with Econergy's strategy to diversify its income sources, with an estimated profit of EUR 29 million after excluding development costs. The Niculesti project is in its final development phase, with the deal expected to close by the end of January 2025.

The acquisition includes two Romanian companies related to the project: Eco Sun Niculesti Srl, which holds development rights and permits, and Euromec-Ciocanari Srl, which owns the land rights. Econergy's project portfolio in Romania currently stands at 2.2 GW, with 246 MW in operation and 800 MW in the final stages of development and construction. The company plans to bring an additional 198 MW of capacity online in Romania by the end of 2024.

What is the significance of Econergy's sale of Niculesti solar project in Romania?

• The sale of Econergy's Niculesti solar project in Romania to Tupras Turkiye Petrol Rafinerileri for EUR 33 million signifies a strategic move by Econergy to diversify its income sources and focus on other projects.
• The acquisition includes two Romanian companies related to the project, Eco Sun Niculesti Srl and Euromec-Ciocanari Srl, which hold development rights, permits, and land rights for the project.
• Econergy's project portfolio in Romania currently stands at 2.2 GW, with 246 MW in operation and 800 MW in the final stages of development and construction, showcasing the company's significant presence in the Romanian renewable energy market.
• The company plans to bring an additional 198 MW of capacity online in Romania by the end of 2024, further solidifying its position as a key player in the country's renewable energy sector.