HELLENiQ Renewables, the renewable energy division of Greek group HELLENiQ ENERGY, is planning to pour EUR 1.3 billion, or 60% of its total planned investments across the markets where it operates, into Romania by 2030, according to an announcement made on Monday, November 9, at the launch event of HELLENiQ Renewables Romania, the company’s local platform.
The company has already invested EUR 400 million in the local market, which has become the group’s second most important renewable energy market after Greece. The new funding line is dedicated to new generation capacities, hybrid projects, and energy storage systems.
The investment plan was announced during an event organized by the company in Romania, attended by George Alexopoulos, Deputy CEO of HELLENiQ ENERGY, Sotiris Kapellos, CEO of HELLENiQ Renewables, and Mihai Darie, Country Manager of HELLENiQ Renewables Romania, according to Economedia.
A Growing Market
George Alexopoulos explained that Romania represents an important and growing market for the Greek group, which has expanded its renewable energy and electricity generation operations into five countries in the region: Greece, Romania, Bulgaria, Cyprus, and North Macedonia.
The executive stressed that the group is pursuing the development of projects that can actually be built and operated, rather than simply accumulating permits and theoretical capacities in its portfolio.
HELLENiQ Renewables has a portfolio of over 800 MW of renewable capacity in Romania, plus 500 MW of battery energy storage, made up of operational projects, under construction, or at advanced stages of development. Four photovoltaic parks with a combined capacity of 211 MW are already operational in Teleorman, Giurgiu, Olt, and Dolj counties, while a 96 MW wind farm in Galați county is expected to be completed in the second quarter of 2027.
Alexopoulos drew a comparison with the Greek market, where more than 100 GW of projects have been authorized across the market, although only some of them will actually be built. The two markets are relatively similar in terms of annual electricity consumption, at approximately 50 TWh each, but Greece is more advanced in integrating renewable energy sources.
Company representatives noted that Romania also has a larger industrial share of its economy, a sector that can support growth in electricity consumption. They also said they expected demand to increase in the coming years.
Price Balance
Regarding prices, company representatives explained that renewable energy helps reduce market costs compared with a scenario in which electricity generation would depend mainly on gas-fired power plants. However, during periods of low renewable energy production, gas continues to have a strong influence on electricity prices.
An important part of the group’s strategy is integrating storage capacities into renewable energy projects. The company is developing battery storage with a capacity of at least 500 MW and 1,500 MWh, either integrated into generation plants or as standalone units.
As photovoltaic production increases, more and more periods emerge when electricity supply is concentrated during the daytime, potentially leading to very low or even negative prices. Storage makes it possible to shift part of the production to the evening and nighttime hours, when demand and prices may be higher.
“All our future projects are hybrid,” Alexopoulos explained, referring to the integration of renewable energy generation with batteries.
HELLENiQ Renewables already has hybrid photovoltaic projects in Romania with storage systems capable of providing approximately four hours of storage. At the same time, the company is evaluating the opportunity to install batteries across its existing portfolio of approximately 211 MW of operational photovoltaic capacity.
Upcoming Challenges
Company representatives identified project permitting and grid connections as two of the main challenges to developing investments in Romania.
Moreover, Alexopoulos also warned that Romania could face renewable energy production curtailments in the coming years as photovoltaic capacities increase. In Greece, where renewable energy penetration is higher, such situations have already become frequent.
Regarding price developments, the Greek group’s representative said he expects prices to moderate by next summer, but stressed that the forecasts depend on the pace at which new renewable energy capacities become operational and on developments in the gas market.
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