July 21 (SeeNews) - Romanian integrated energy services group Tinmar said that it is planning to invest approximately 150 million euro ($168.2 million) in the expansion of its renewable energy portfolio over the next three years.
Tinmar’s investment strategy includes a partnership with coal-based electricity producer Complexul Energetic Oltenia (CE Oltenia), the acquisition of operational solar parks and the development of photovoltaic (PV) parks from scratch, the company said in a press release on Thursday.
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“Over the medium term, we wish to exceed 1 GWp in owned or operated generation capacity,” Carla Corb, marketing and corporate communication director at Tinmar Energy, said.
Under the group’s partnership with CE Oltenia, Tinmar will provide 50% of the capital needed to build four solar parks with a cumulative capacity of 280 MW and a 475 MW gas-fired plant. Financing has also been secured from the EU’s Modernisation Fund, which will provide 70% of the funds needed for the solar parks and 50% of those required for the gas plant. The solar parks are scheduled to be operational by 2025, while the gas plant is planned to come on stream by 2027.
The group’s investment strategy has been focused on the development of renewable energy production capacities since 2011. In 2012, Tinmar built from scratch PV projects with an installed capacity of 50 MWp, while in the next three years the group focused on the acquisition of operational PV parks, investing over 50 million euro and doubling its installed power capacity for PV projects to over 105 MWp.
Founded in 2001, Tinmar initially specialised in trading of petroleum products, subsequently diversifying its operations by becoming an energy supplier in 2007 and entering the renewable energy generation segment in 2012.
($=0.8919 euro)
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