Danish renewables co European Energy enters Romanian market

Source: European Energy

BUCHAREST (Romania), September 23 (SeeNews) - Danish renewables company European Energy said on Thursday it has opened a subsidiary in Romania, as part of its strategy to expand its international footprint and become a major player on the local market.

Starting September, Ioannis Kalapodas was appointed head of Bucharest Office and will be leading European Energy’s local activities, European Energy said in a press release.

In his new role, Ioannis Kalapodas will focus on European Energy’s expansion strategy in the Romanian market, aiming to build the company’s presence through project developments and investments.

"Romania is preparing for a significant growth in the renewable sector, which will lead to a major transformation of the local energy sector and also to many benefits for the consumers and the environment," Kalapodas said.

"Trends in the world are very clear: the technology and the price are speeding up the growth of renewable energy in the coming years and I am happy to contribute to the green transition of Romania, a country which is considered among our top worldwide priorities”.

European Energy is entering the Romanian market at a time when the country plans to add 6.9 GW of new renewable energy capacity before 2030. More than 3.7 GW of that capacity is projected to be solar projects. Romania aims to reach a share of 30.7% of renewables in its energy consumption by 2030, European Energy noted.

According to the company, this ambitious target is giving Romania an important role in Central and Eastern Europe and will have a major impact on the CO2 emission reduction in the country.

"After some years of stagnation of the major investments in the renewables energy sector, caused by the legislation, the Romanian market is looking increasingly interesting and one of the reasons is the recent lifting of the ban on Power Purchase Agreements. This allows the energy sector to become less volatile for potential investors,” Kalapodas noted.

Romania has a total installed capacity of 3 GW in wind farms and almost 1.4 GW in solar power plants, according to data of Romanian Energy Regulatory Authority. With the planned additions, the country's installed capacity for electricity generation from these renewable sources will more than double by the end of 2030, European Energy said.

The increasing demand for renewable energy will not only change the use of electricity but will also transform the sectors of heavy transportation and buildings heating in the coming decades, it added.

Founded in 2004, European Energy has installed and invested in approximately 2 GW wind and solar farms in 16 countries and currently has 1.1 GW of renewable energy capacity under construction in eight countries across Europe, Brazil, the USA and Australia.

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