In early 2020, Romanian independent electricity and natural gas distributor Restart Energy One entered into a joint venture with the US-based Interlink Capital Strategies to develop 500 million dollars in renewable energy in Romania and neighboring countries, as well as to expand into the US market with an innovative blockchain electricity trading platform.
Restart Energy One, a part of Restart Group, said that it listed 3.35 million euros 5-year bonds on the Bucharest Stock Exchange (BVB).
The bonds are the first convertible bonds admitted to trading on BVB’s MTS platform. The company will use the funds attracted through the bond issue as co-financing to integrate renewable energy (solar) production capacities of approximately 50 MW. Restart Energy One will pay a yearly coupon of 9 % for the five-year bonds.
The investment for Romania will finance the acquisition and development plans of 500 MW of renewable energy projects by the end of 2025. Restart Energy’s plan is to acquire and develop 100 MW of solar, wind, biogas, biomass, and geothermal energy projects per year. Restart Energy’s projects will seek annual investments of around 100 million dollars. Interlink will act as a strategic advisor to arrange funding for these projects.
CEO of Restart Energy Armand Domuta said that this partnership will provide the company with access to US capital and accelerate its goal of providing 1 billion kWh of clean and affordable renewable energy for 300,000 consumers in Romania and Europe by 2025. This will allow Restart Energy to help reduce the carbon footprint by over 76,000 tons of CO2 per year, and in the same time to become the first fully sustainable energy supplier in Romania delivering 100 % locally produced green energy to its customers until 2025.
