November 7 (SeeNews) - Romanian renewable energy projects developer Finas Group and Ukrainian-owned green energy investor DTEK Renewables International, formed a joint venture through which they plan to invest 150 million euro ($149.6 million) in Romania.
The collaboration between the two companies began in December 2021, through the joint development of a 60 MW wind farm in the town of Ruginoasa, Iasi county, in which they plan to invest 90 million euro, the two companies said in a joint press release.
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The project is currently in the stage of design and tendering for equipment and will be completed in 2024.
In June, Finas Group and DTEK Renewables International started a new investment of 60 million euro in a 65 MW solar park in the town of Glodeni, Mures county, which will be completed next year.
"These investments are part of a multi-stage and multi-year collaboration with DTEK Renewables International, for the development of 200 MW, Finas Group CEO Claudiu Sugar said.
Once the two investments are completed, some 200,000 MW per year and 74,000 MW per year will be delivered through the national energy system to Ruginoasa and Glodeni, respectively.
"These are the first investments of DTEK Renewables International in Romania, as part of the company's plans to become a major producer of renewable energy in the country," DTEK Renewables International CEO John Stuart said.
Founded in Cluj in 2002, Finas Group is active in renewable energy, agriculture and real estate. The group develops three types of renewable energy projects: hydro, solar and wind.
DTEK Renewables is the operating company managing the renewable energy assets of Ukrainian DTEK Group. DTEK Renewables is one of the largest electricity producers from the renewable energy sources in Ukraine, according to its website.
DTEK Group is a diversified energy holding that includes six businesses and employs 56,000 according to its website.
($=0.9982 euro)