Romgaz seeks to buy wind, solar projects

Romgaz is calling on developers to submit offers for projects with completed feasibility studies and frameworks for the technical and economic documentation related to investments financed through public funding, it said in a call for offers published on Wednesday.

Eligible offers must have grid connection approvals and bidders must submit proof of land use rights covering the entire operational period of the renewable projects. Bidders can submit offers by April 3.

Financial details of the intended investment were not disclosed.

Solar parks featuring monocrystalline PV panels should achieve a minimum efficiency of 20%, whereas those using polycrystalline panels should achieve 18%. The efficiency requirement for thin-film solar cells and semi-transparent panels is set at a minimum of 12%, and inverters are required to operate with a minimum efficiency of 97%.

According to the company's latest sustainability report, Romgaz plans to add 180 MW of renewable energy generation facilities to its portfolio by 2030. The company is determined to accelerate the achievement of this target, having also planned the construction of a 41 MW solar park this year, expected to be operational by the end of 2025, business daily Ziarul Financiar quoted Romgaz CEO Razvan Popescu as saying at the ZF Power Summit conference in February.

In 2023, Romgaz increased its net profit by 10.4% on the year to 2.812 billion lei ($618.8 million/566.1 million euro), according to its preliminary financial report filed with the Bucharest Stock Exchange in February.

Romgaz shares changed hands 0.39% higher at 52 lei as at 1038 CET on Thursday on the Bucharest bourse.

(1 euro=4.9675 lei)