New energy investment in northwest Romania

Romanian company Restart Energy will invest 25 million euros in a solar park in Sălaj county

The Romanian independent supplier of electricity and gas Restart Energy plans to invest approximately 25 million euros in a solar project in Sărmășag, Sălaj county. It is a 45 MW ‘ready to build’ photovoltaic park and the money will be used for the construction of the park as part of the first step of bigger renewable projects.  

The project was acquired at the ‘brownfield’ stage from a team of developers who have experience in the field of green energy parks. The park plans to start working in the first quarter of 2022. By the end of 2025, the company aims to further integrate the upstream segment with 500 MW of renewable energy.

Local opportunities

The Sarmasag park will produce 55 million kWh of energy annually and will have enough to supply around 30,000 households with green energy. Also, the construction will open 100 new positions and 15 permanent jobs. The annual investment will help reduce 1.23 million tons of CO2 released into the atmosphere for a period of 25 years.

“We are delighted to be able to contribute to the green development of Romania’s energy infrastructure as well as to help balance the grid by introducing a new renewable asset that produces clean, green energy from the sun during peak hours,” said Armand Domuta, CEO and founder of Restart Energy on Romaniajounal.ro.

Funding

Restart Energy, which was established in 2015 in Timisoara, will collaborate with Interlink Capital Strategies, a Washington-DC-based consulting company for the project. It will be the strategic advisor for the financing in the next five years in Romania and neighbouring countries.

The 25-million euro investment of Restart Energy comes from its own financial resources, private equity funds, and bank financial loans. The company operates on the local Romanian market where last year it had a turnover of 25 million euros and 2.6 million euros net profit.