Tinmar Energy and state-owned utility Energy Complex Oltenia have completed procurement for four solar parks with a combined capacity of almost 395 MW, enabling engineering, procurement and construction contracts to be signed. The projects are located in Gorj county. The developments are part of EC Oltenia’s shift away from coal-dependent generation toward a more diversified generation portfolio.
Solar parks, delivery consortium and project scope
The four plants are among Romania’s largest renewable projects structured through cooperation between a private energy company and a state-owned utility. A consortium led by China Civil Engineering Construction Corporation Romania, together with Spain’s Aeronaval de Construcciones e Instalaciones, has been selected to deliver all four facilities. The procurement completion removes one development step while the next phase moves to contract execution.
The portfolio has an estimated investment value of approximately €260 million, equivalent to around €658,000 per MW. The final figure is expected to depend on grid works, battery capacity, financing costs and whether all owner’s costs are included. Approximately 70 per cent of the investment is expected to be reimbursed through the EU Modernisation Fund.
EU grant share and revenue outlook
On the stated budget, EU reimbursement would amount to close to €182 million, leaving around €78 million to be financed through shareholder contributions and commercial bank debt. At a net capacity factor of 14–17 per cent, the portfolio could generate approximately 485–588 GWh annually. At an achieved electricity price of €55–75/MWh, gross annual revenue would fall in a broad range of €27–44 million.
Operating expenditure for the four sites could be approximately €4–6 million per year before balancing, land, grid and battery costs. With grant support covering most construction expenditure, a base equity return could exceed 12 per cent. An upside case combining strong irradiation, controlled EPC costs and favourable market capture could move beyond 16–18 per cent.
Grid timing risk and battery integration
The returns are described as sensitive to grant compliance and grid delivery. A 12–18 month connection delay could reduce the equity return by approximately 2–4 percentage points, particularly where reimbursement milestones, equipment warranties or debt availability periods expire before commissioning. Battery energy-storage systems will be integrated with the solar plants, although their capacity has not been disclosed.
The sizing of the batteries is expected to determine whether they primarily provide grid compliance, reduce curtailment, shift solar output into higher-priced evening hours or participate in balancing markets. Tinmar and EC Oltenia are also advancing a 475 MW gas-fired power plant, with an estimated cost of €489 million, equivalent to just over €1 million per MW. The combination of gas, solar and storage is intended to replace part of EC Oltenia’s coal exposure while maintaining dispatchable capacity.
The procurement completion shifts the critical path toward EPC contract allocation, grid readiness, Modernisation Fund evidence and the interface between solar generation and battery control systems.
