Israel's Nofar Energy adds 255 MW solar project in Romania

• Israel's Nofar Energy stated it revealed on Monday a 255 MW solar project in Romania that brings its overall project portfolio in the nation to 579 MW.

The project remains in a sophisticated phase of advancement, with construction work set to start after the essential governing authorizations remain in area in 2023. The building costs are approximated at 135 million euro ($135.79 million), the company claimed in a news release.

The solar plant will be built on 290 hectares of land in southerly Romania. Its proximity to a high-voltage high-voltage line will enable the direct flow of the power produced and lead to lower building and construction costs, Nofar Energy kept in mind.

The Israeli green technology company will certainly hold a share of between 85.5% as well as 90% in the advancement which is anticipated to generate annual revenue of 27 million euro. It did not state who will certainly hold the remainder.

Nofar Energy's solar portfolio in Romania includes likewise the 155 MW Ratesti project, which remains in an innovative phase of construction, as well as the Iepuresti project with an installed capacity of 169 MW, which is under development.

The most recent project supports Nofar Energy's method to reach 1 GW capacity of renewable resource source (RES) projects in Romania by the end of 2022. The company is preparing to spend more than 300 million euro in the complying with 2 years to establish or obtain solar and also wind schemes in the Eastern European country.