Romania's Simtel Team to build 4.5 MWp PV system for agribusiness group Carmistin

Romanian engineering and technology company Simtel Team [BSE:SMTL] said on Friday that it has signed a partnership agreement with Axell Green Energy, part of local agri-food group Carmistin, for the construction and installation of a photovoltaic system with capacity of 4.5 MWp.

The photovoltaic power plants will be designed and built by Simtel Team in 18 locations of Carmistin Group and will comprise approximately 10,500 photovoltaic panels, the company said in a statement.

In the first year of operation, the plants will produce 5,400,000 kWh of electricity and will reduce CO2 emissions by about 3,300 tonnes.

"The market context in which we find ourselves, marked by multiple events with economic impacts, such as rising energy prices, the war in Ukraine, and the continuous rise of inflation, determine more and more companies to move towards implementing green energy solutions.," Simtel Team co-founder and CEO Iulian Nedea said.

Founded in 2000 by the Paraschiv family, the Carmistin Group has over 20 companies operating in four production lines: chicken, pork, beef and agriculture. Axell Green Energy was established last year and is focused on electricity production.

Simtel Team was founded in 2010 by three Romanian entrepreneurs - Iulian Nedea, Sergiu Bazarciuc and Radu Vilau. The company is listed on the AeRO market of the Bucharest Stock Exchange and operates in three business areas - telecommunications, green energy, and industrial automation.

Its shares traded 5.26% higher at 23.25 lei ($5.3/ 4.9 euro) on the Bucharest bourse as at 1443 CET on Friday.

(1 euro=4.9471 lei)

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