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A Russian-Italian consortium plans to invest 135 million euro in a wind farm in eastern Romania, as the boom in renewable energy projects continues.
Lukerg Renew, a partnership between the Russian oil and gas firm Lukoil and the Italian energy group ERG on Tuesday unveiled plans to invest around 135 million euro in a wind farm in the Tulcea region of eastern Romania.
Work on the new farm is to start in the next few months, while the project is expected to become operational next year.
In recent years, Romania has become a lucrative market for energy investors, particularly for those interested in wind and solar power.
“The Romanian wind sector is very attractive and the growth outlook - wind conditions, regulations - grid make this sector one of the main investor targets globally,” Arne Osborg, chairman of Monsson Group, the biggest wind-park developer in Romania, told a seminar on Tuesday.
Osborg said that Romania remains attractive for investors mainly because of its renewables incentive programme.
This grants "green" certificates for energy produced from renewable sources that power distributors must buy.
Official data show around 2,000 MW entered recently the national power system from renewable sources, while Romania is hosting other renewable energy projects with a potential output of 21,000 MW.
Installed wind energy alone increased by around 112 per cent in just a year.
But analysts say the boom in investing in renewable energy projects may end soon, and Romania must prepare for change.
“The spectacular increase in 'green' projects in Romania was motivated only by incentives and by EU support for investing in such projects," journalist Adriana Gavrilescu said.
"Romania will soon have to invest in improving interconnection networks and in retooling power units to become a viable energy provider and exporter in the region, which will be difficult to achieve in the current poor economic environment,” she added.
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