Investors could pour over EUR 2 billion in Romania over the coming five years to develop 1.4 GW of new wind power capacities in what seems to be the second wave of renewables in the country.

Large investors have already approached power grid operator Transelectrica to get approvals for their projects, Ziarul Financiar daily reports in a survey of the key projects in the pipeline.

For comparison, in 2009-2014, Romania attracted investments of over EUR 4.5 bln in green energy capacities, being, at that time, the tenth country in the world by the size of investments in wind turbines.

That boom was triggered by a very generous state support scheme, which was then slashed due to the high costs for local energy consumers, leaving the investors in a difficult position.

This time, the interest is likely linked to the EU's transition towards a climate-neutral economy. Verbund, the largest energy producer in Austria, has resumed a 57 MW project in Tulcea, with the new commissioning date scheduled in 2024. The necessary investments should be about EUR 85 million, based on an average cost of EUR 1.5 mln per MWh installed in wind farms.

"It was a project put on hold due to changes in the support scheme, but they decided to resume it," say sources familiar with the deal.

Currently, there are about 307 MW in wind projects that have grid connection contracts, according to Transelectrica data, including that of Verbund. Such a contract guarantees the investor that once the project is completed, it will be able to deliver electricity to the national energy system. In addition to the 307 MW with connection contracts, another 460 MW obtained the technical approvals for connection. Most approvals were issued last year.

Last month, a local company from Galati received approval for a 363 MW wind farm, Pechea Eolian. According to public information, Pechea Eolian is controlled by the local businessmen Vasile Domente and Manole Gheorghe.

(Photo: Pixabay)

andrei@romania-insider.com