Israeli renewables developer Nofar Energy has signed an agreement on the acquisition of a 169 MW solar project in Iepuresti, Giurgiu County.
According to the statement from the company, the project will most likely be expanded to 400 MW, depending on the technical conditions of the national electricity network.
CEO of Nofar Energy Romania Favi Stelian said that this is probably the largest investment in renewable energy near Bucharest and in Romania, adding that Nofar Energy will continue to operate all power plants after the construction of the projects in its portfolio.
Even though the company entered the Romanian market in 2021, last year it acquired, together with a partner Econergy, the 155 MW Ratesti solar project, which construction has already started. Currently, it is the largest solar power plant project in development in Romania, but the Iepuresti project will become the largest, once completed. The completion of Ratesti solar power plant is expected in 2023 and Iepuresti in 2024.
Nofar Energy allocated over 300 million euros for investments in the next two years. In the first stage of the Iepuresti project (169 MW) the company will invest over 130 million euros. To these is added the investment in the Ratesti solar project of over 98 million euros.
Nofar Energy is a company specializing in the development, operation and storage of energy produced from solar power plants and wind farms, listed on the Tel Aviv Stock Exchange, operating in Spain, Italy, Israel, Poland, United Kingdom and the United States.
