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Premier Energy, MORE buy 86 MW PV projects in Romania

Jun 18, 2024, 5:48:15 PMArticle by Alexandru Cristea
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June 18 (SeeNews) - Romanian power distributor Premier Energy [BSE:PE] and Greek renewables developer Motor Oil Renewable Energy (MORE) have acquired two photovoltaic (PV) projects with a total installed capacity of 86 MW in Romania's eastern county of Buzau, Premier said.

Premier Energy, MORE buy 86 MW PV projects in Romania
Source: pixabay.com

The construction of the two solar parks will be coordinated by Alive Capital, a subsidiary of Premier Energy, and is expected to be finalised by the second half of 2025, Premier said in a press release filed with the Bucharest Stock Exchange, BVB, on Monday. The PV plants will also feature an add-on storage capacity of 18 MW.

The acquisition, whose value was not disclosed, is subject to antitrust clearance and foreign direct investment (FDI) approvals.

Last month, Premier Energy listed on the BVB. The European Bank for Reconstruction and Development (EBRD) acquired a 3.2% stake in the company in the IPO.

Established in 2012, Premier Energy Group is the third largest natural gas distributor and supplier in Romania. It is also the largest electricity distributor and the largest supplier in Moldova, providing power to some 70% of that country's population. The company has a contracted renewable electricity generation portfolio of more than 1,000 MW.

Shares in Premier Energy traded 3.4% higher at 21.3 lei ($4.59/4.28 euro) at 1620 CET on June 18 on the Bucharest bourse.

(1 euro=4.9766 lei)

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