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  • Writer's pictureNavigator Consulting

Navigator completes financial review of Romanian photovoltaic plant

Romania, Due Diligence, Navigator, Energy, Photovoltaic, Finance, Power, Investment

Navigator completed a financial review and business model assessment of a 3.5 MW photovoltaic park located in northern Romania. This park is for sale for EUR 5.337 million. We worked on behalf a potential buyer to review the current financial operations and financial model.

In operation since December 2012, the plant produced 4,227 MW in 2013, and gained income from both energy sales as well as Green Certificate income. Green certificates are credits provided by the Romanian Green Certificates Market Operator (OPCOM), and are issued on the basis of each MW produced by renewable energy sources. The Certificates can be sold on the OPCOM Centralised Market or sold via bilateral contracts between producers and consumers.

The park has a total of 12,168 PV panels mounted on fixed tilts. Total land owned is 9 ha. The panels are produced by Trina Solar, with a nominal output of 285 Wp and a rated efficiency of 14.7%. The park includes 507 inverters from SMA Solar Technology and Siemens transformers. The park is connected to the grid via EON.

Romania joined the European Union in 2008. With a population of 20 million, it is largest market in South East Europe. GDP reached EUR 142 million (current prices) in 2013, an increase of 133% since 2004. GDP on PPS terms reached EUR 13,500 in 2012.

Romania has a balanced portfolio of generation capacity comprising hydro, nuclear, coal and gas-fired power plants. Romania has important oil and gas reserves and significant quantities of lignite.

Electricity demand is fully met by domestic electricity production in Romania. Romania is a net exporter of electricity, with an approximate net export total of 2.91TWh in 2010.

Renewable energy (other than hydropower) represents a small (currently less than 3%) but rapidly growing sub-sector of the generation market.

Romania’s objective is to generate 38% of total electricity consumption from renewable energy by 2020. This will require a significant investment in renewables.

For further information, please contact us.

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