Econergy sheds 214-MW Romanian PV project to Turkish group

Israel's Econergy Renewable Energy Ltd (TLV:ECNR) has offloaded its 214-MW Niculesti solar photovoltaic (PV) project nearing the shovel-ready stage in Romania in a deal worth EUR 33 million (USD 35.3m).

The renewable energy company said in a LinkedIn post that the divestment is aligned with its strategy to diversify its income sources. After excluding development costs, it estimates the profit from the transaction at EUR 29 million.

The Niculesti project is in the final development phase.

Turkish petroleum refining company Tupras Turkiye Petrol Rafinerileri separately announced the acquisition of two Romanian companies related to the Niculesti scheme. Eco Sun Niculesti Srl holds the development rights and permits for the solar project and Euromec-Ciocanari Srl owns the land rights. According to its filing, the deal’s closing is due by end-January, 2025.

Currently, Econergy’s project portfolio in Romania amounts to 2.2 GW, including 246 MW in operation and 800 MW of schemes in the final stages of development and construction. By end-2024, the company expects it will bring online an additional 198 MW of capacity in Romania.

(EUR 1.0 = USD 1.070)

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