Romania's Simtel Team to develop 40-60 MWp turnkey solar park in Giurgiu

Romanian engineering and technology company Simtel Team [BSE:SMTL] said on Wednesday it plans to develop a turnkey photovoltaic park with a total installed capacity between 40 and 60 MWp in the southern county of Giurgiu, following an investment of 40 million euro ($46.5 million).

The photovoltaic park will produce between 52,000 MWh and 78,000 MWh annually and will be able to supply energy to over 14,000 households, Simtel Team said in a press release. This would result in a reduction of carbon dioxide emissions by more than 67,000 tonnes per year, it added.

Simtel Team expects to obtain all permits necessary for the park's operations in the second half of 2022,

According to its estimates, the investment will be returned in five to seven years.

In order to build the park, the company bought an industrial land plot of 837,866 sq m in Giurgiu for some 800,000 euro.

"We have all the resources to carry out such a project due to the experience gained in the turnkey construction of over 150 photovoltaic projects for clients, ensuring total maintenance in photovoltaic parks with an installed capacity of over 125 MWp and maintenance only for inverters for over 70 photovoltaic power plants - CEF, or approximately 300MWp," co-founder and CEO of Simtel Team, Iulian Nedea, said.

Simtel Team was founded in 2010 by Romanian entrepreneurs Iulian Nedea, Sergiu Bazarciuc and Radu Vilau.

The company is listed on the AeRO market of the Bucharest Stock Exchange and operates in three business areas - telecommunications, green energy, and industrial automation.

Its shares traded 2.46% higher at 29.2 lei ($6.86/ 5.9 euro) on the Bucharest bourse as at 1234 CET on Wednesday.

(1 euro=4.9486 lei)

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