Scatec, a leading renewable energy solutions provider, has signed a 15-year Contract-for-Difference (CfD) with Opcom, the Romanian electricity market operator. The CfD will cover approximately 70% of the estimated production from a 190 MW solar portfolio, with the remaining production being sold in the Romanian wholesale electricity market.
The contracts were awarded in the first CfD auction in Romania funded by the EU Modernization Fund. The Modernization Fund is an EU program established to support selected member states to meet their energy targets. Approximately 1.5 GW of solar PV and onshore wind was awarded in this first round in Romania, while the remainder of a total auction plan of 5 GW is expected to be awarded in 2025.
With this award, Scatec will advance its first project portfolio in the country which is being developed in collaboration with Defic Globe, Scatec’s local partner. The projects are in Dolj and Olt counties in the southernmost part of Romania.
Romania has attractive market fundamentals, a clear energy transition agenda, and established offtake routes through the CfD auctions, corporate PPAs and a mature electricity market.
“We are very pleased with the award in Romania which demonstrates our ability to apply our global track record within renewable energy auctions to new markets. Romania has supportive market fundamentals where Scatec can utilize its competitive strengths to build a position. We look forward to continued collaboration with Defic Globe, which already has a strong position in the Romanian renewables market,” says Scatec CEO Terje Pilskog.
The estimated total capital expenditure (capex) for the solar plant is EUR 140 million, to be financed by non-recourse financing and equity from Scatec and partners, with a targeted leverage of approximately 75%. Financial close and construction start for the solar plants is expected in the second half of 2025.
Scatec will have a 65% ownership stake in the solar plants and procure key components for the project, comprising about 30% of total capex. Our partner DEFIC Globe Enerji A.S. (Defic Globe), a subsidiary of Emsolt Investments and YEO Teknoloji Enerji, will have a 35% ownership stake and provide turnkey EPC to the project. Scatec will further provide Operations & Maintenance (O&M) and Asset Management (AM) services for the portfolio.