Commercial operations have commenced at the Ratesti Solar Project in Romania, a substantial achievement for Israeli companies Econergy and Nofar Energy. The 155MW photovoltaic (PV) site is not only the largest of its kind in Romania but also holds the distinction of being the largest in southeast Europe. Representing a noteworthy investment of €102 million, the facility is poised to supply full-scale electricity to the grid in the upcoming weeks.
Owned by Econergy and Nofar Energy, the Ratesti Solar Project is expected to provide green electricity to approximately 100,000 households, contributing significantly to a reduction in CO2 emissions—estimated at 168,000 tons annually.
Eyal Podhorzer, Co-founder and CEO of Econergy, expressed enthusiasm about the project's commercial operation, considering it a pivotal moment for the publicly-traded company and a leading Independent Power Producer in Europe. Ratesti stands out as the largest solar project in Romania, and its successful connection to the grid marks a significant milestone beyond the projected net asset value for shareholders.
The Ratesti Solar Project is the initial scheme from a broader portfolio of projects in varying stages of development and construction in Romania, totaling around 2.2GW. Econergy plans to connect several additional new sites in the country during the first half of 2024, already under construction and boasting a combined capacity of 234MW.
Looking ahead, Podhorzer outlined the company's ambitious plans for 2024, including the connection of further projects across Europe. These projects encompass 648MW of PV and wind projects, along with an additional 102MW-hours of energy storage. The anticipated annual revenues from these ventures are projected to exceed €160 million, underlining Econergy's commitment to sustainable energy solutions in the region. The company's robust capital structure is seen as a key enabler for the implementation of planned projects over the next five years.
