Independent energy and commodity group Mercuria and renewable energy developer CWP said on Tuesday they are partnering up in the development of 2GW renewable energy projects in Southeast Europe (SEE).
The strategic investment in CWP Europe by Mercuria will accelerate the development of the existing portfolio and significantly expand the opportunity with additional developments, the two companies said in a joint press release.
CWP’s project portfolio has been in active development since 2018 and consists of more than 2 GW of large-scale wind, solar, and battery storage projects across Bulgaria, Serbia, Romania and Ukraine.
Mercuria’s investment will also support CWP's efforts to accelerate decarbonisation in the four carbon-intensive countries. Mercuria, a commodity trading giant, will provide its broad expertise in energy markets as well as increased financial support, which will allow CWP Europe to realise its 1.9 billion euro ($2.19 billion) investment plan over the next several years.
"We see a tremendous opportunity in these markets, where a massive amount of expensive and polluting coal needs to be replaced with renewables as quickly as possible," CWP Europe CEO Dimitar Enchev said. "This is the only way to achieve decarbonisation targets, keep power prices in check in the long run, and maintain the region's economic competitiveness. Partnering with Mercuria will allow us to supercharge our already ambitious plans."
Bulgaria, Serbia, Romania and Ukraine are Europe's most carbon-intensive energy markets, with coal still playing a dominant position.
"The decarbonisation of these markets is an urgent priority and will require tens of thousands of megawatts of wind and solar energy. Together, CWP and Mercuria will lead the transition from polluting fossil fuels to clean, low-cost green energy," the press release reads.
"We look forward to working together with the CWP team by further developing their portfolio and bringing our commodities market expertise to their strategy," Mercuria vice president of energy transition Jean-Francois Steels said.
Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world. With more than $100 billion in turnover, Mercuria has become one of the most active players in the energy and renewables markets.
Founded in 2007, CWP became the most successful developer in Southeast Europe delivering some of the largest projects and the largest onshore windfarm in Europe. The company has developed the 156-megawatt Čibuk wind farm in Serbia and the 600-megawatt Fantanele-Cogealac wind power project in Romania.
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