Israel’s Nofar Energy to Invest EUR 300 Million in Romania

Israel’s Nofar Energy intends to invest EUR 300 million in Romanian renewable energy.

Nofar Energy, based in Israel, plans to develop or purchase wind and solar projects in Romania, where it wants to invest more than EUR 300 million in 2023-2024.

According to a See News, the firm wants to attain 1GW of renewable energy source (RES) capacity in Romania by the end of 2022, both organically and through acquisitions.

We have the necessary financial resources, and our shareholders are very open to investments in Romania.

Nofar Energy Romania CEO Favi Stelian

Nofar also stated that it had secured a EUR 130 million deal for a 169-megawatt photovoltaic project in Iepuresti, Giurgiu county, completed in the first half of 2023. Depending on the technical conditions of the national power system, the project will most likely be expanded to 400 MWp.

This is probably the largest investment in renewable energy near Bucharest and in Romania. Nofar will continue to operate all power plants after the construction of the projects in its portfolio.

Nofar Energy Romania CEO Favi Stelian

Nofar Energy is a publicly-traded, worldwide renewable energy firm. The company, founded in 2011, has grown at an astonishing rate because of its diverse capabilities, which allow for flexibility and speed while completing projects autonomously.

Nofar Energy also owns, alongside Eco energy, the Rătești park, Romania’s largest photovoltaic park under development, which is due to be connected to the grid in 2022.

Even if we entered the Romanian market in 2021, we already purchased last year – together with a partner – the 155 MWp Rătești photovoltaic project, a project for which the construction started. Currently, it is the largest photovoltaic project, but the Iepurești project will become number 1 once completed.

Nofar Energy Romania CEO Favi Stelian

According to the company’s website, the company’s activities include ground-mounted solar projects, floating solar projects on water reservoirs, rooftop solar projects, and power storage projects.