Green Genius to Invest €450mn in Solar Power in Romania

Solar Panels

Renewable energy leader Green Genius from Lithuania plans to invest over 450 million euros in photovoltaic parks in Romania by 2025. The developer confirmed plans to build over 500 MW Solar PV capacity to generate green and clean energy in the country.

Green Genius CEO Ruslan Sklepovič reiterated that with its energy sectors currently in a rapid growth phase, Romania has promising potential for the development of solar projects. He added that geographically, Romania has many advantages when it comes to solar energy investments.

The introduction of 500 MW of solar energy into the national energy system is expected to slash electricity prices in Romania. Ruslan Sklepovič stated that they were seeing a rapid increase in the demand for renewable energy across Europe. The EU’s ambitious goals of achieving a climate neutrality model encourage countries to pour their focus on the development of renewable energy. Moreover, Green Genius said that it earmarked EUR 450 million for the endeavour, which is a bit
more than it invested in the past five years altogether, judging by the data on its website. Plus, inspired by the decarbonization plans in the EU and the incentives awarded through auctions, renewable energy developers are set to launch utility-scale projects, which can help position themselves in target markets. However, new capacities still depend on investments in grids.

The transmission system includes interconnections and depends on legal reforms. For instance, only 10% to 20% of 95 GW in licensed renewable energy projects in Greece is expected to come online by 2030. Romania’s National Integrated Plan for Energy and Climate Change 2021-2030 (NIPECC) anticipates the construction of 3.7 GW in solar parks and 2.3 GW in wind farms. The development will help reach a share of renewables in gross final energy consumption to the tune of around 30.7%.

Furthermore, domestic and foreign companies have pledged billions of euros in a range of mid-sized and giant renewable energy projects. The company added its pipeline of photovoltaic projects, which exceeds 1.5 GW. According to its
solar power portfolio, Green Genius installed 206 MW, of which about two-thirds are in Poland. It also operates such facilities in Lithuania, Belarus, Ukraine, and Latvia. In the context of the capacity in late development, about 685 MW out of over 1 GW is in Italy, followed by Poland, Spain, and Lithuania.