US company Energiz Renewable has started a joint venture with Canadian company World Renewable Energy Group's local subsidiary (WREG) for several projects in Romania, pending on receiving government grants and finding private financing, romania-insider.com has learned. The company wants to built two solar panels factories in Romania, an investment of USD 64 million, according to Edward T. Whelan, head of Energiz Renewable, quoted by Romanian media.

“The company entered into a joint venture agreement with WREG SLR for the development of up to five sites in Romania. The company will have the option to develop each of these sites. The development of these sites is contingent on receiving government grants and private financing,” according to the US company.

Works on the first of the two factories are in the planning phase. The two factories could produce solar panels with a cumulated power of 80 MW in Romania.

“The Company has agreed to issue 150,000 shares of common stock within 30 days of closing the agreement and 150,000 shares of stock within 30 days of any plants connecting 10 MW to the electrical grid,” a company report writes.

World Renewable Energy Group is a Canadian firm with a subsidiary in Romania incorporated in Brasov county. The company got a contract with the Fagaras city municipality last year for processing 800,000 tonnes of waste into energy, romania-insider.com has learned. “The agreement for an initial term of 10 years gives WREG access to 800,000 tons of waste accumulated from the 60s and the processing of regular waste from the municipality. This represents a turnover of over EUR 50 million annually,” according to WREG.

“WREG is also involved in building innovative photovoltaic modules. Production plants are planned for Romania and Canada,” according to the company. “Finally, WREG has just joined a company holding a unique patent that can offer economic and performance solutions for the storage of solar and wind energy,” the company says.

editor@romania-insider.com

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