Renewable

BUCHAREST (Romania), January 17 (SeeNews) - Romanian energy provider Restart Energy said on Monday that it has signed a contract to connect to the electricity distribution network a 50 MW solar park it plans to build, investing 40 million (45.8 million euro) in it.

The park in the northwestern locality of Sarmasag, Salaj county, will have an annual energy production of 55 million kWh - enough to supply approximately 30,000 households with green energy, Restart Energy said in a press release.

By putting it into operation, the release of 1.23 million tonnes of CO2 into the atmosphere during the park's 25-year operation period will be avoided, the company added.

Restart acquired the project in a "ready-to-build" phase in February 2021.

Construction is scheduled to begin in the spring, with production seen in the first quarter, Restart Energy CEO Armand Domuta said.

Restart aims to create a hundred temporary jobs during the construction and 15 permanent ones once the facility is put into operation.

The investment is part of the company's plans to develop renewable energy projects in Romania and neighbouring countries with a total capacity of 500MW by the end of 2025. The projects will be developed jointly with Washington, D.C.-based Interlink Capital Strategies and will require annual investments of $100 million, targeting solar, wind, biogas, biomass and geothermal energy sectors, Restart said last year.

Established in 2015, Restart Energy is part of Armand Group controlled by Romanian businessman Armand Domuta.

Restart Energy posted a turnover of approximately 180 million lei ($18.4 million/16.2 million euro) in 2021. For this year, the management targets a turnover of 300 million lei and a net profit of 50 million lei.

(1 euro=4.9440 lei)

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