Restart Energy Group signs connection contract with Transelectrica for 500 MW PV park

Agrovoltaics, a Restart Energy Group company, signes a connection contract with Transelectrica worth 56 million RON, supplying over 200,000 households in Romania with green energy. The agreement represents another important step in the development of a photovoltaic park with an installed capacity of 500 MW to be located in Șimand, Arad County.

The photovoltaic park is the second largest in Romania and will be financed by US Exim Bank through the American fund Interlink Capital Strategies in Washington DC. Restart Energy has received a letter of interest from US Exim Bank for the $380 million financing of the project.

To support the financing agreement, the company plans to use US technology, which will include state-of-the-art photovoltaic panels produced in the US by SEG Solar, one of the leading manufacturers in the industry, and energy storage batteries produced by TESLA with a capacity of 1 GWh. Restart Energy management expects construction to start in the second quarter of 2025 and complete the project by December 31, 2026. The project is expected to generate more than 300 new jobs over the next few years.

„This project is a strategic one that strengthens Restart Energy’s position on the regional energy market. The photovoltaic park contributes to protecting the environment, both through the low negative impact and by replacing existing polluting capacity using fossil fuels. We are proud to contribute significantly to Romania’s transition to renewable energy”, says Armand Domuța, CEO & Founder Restart Energy.

The PV park will produce over 800,000 MWh annually and will help reduce carbon emissions by approximately 400,000 tonnes per year, or 12 million tonnes of CO2 avoided over the lifetime of the project, meaning environmental benefits worth over $1 billion.

In January 2021, Restart Energy signed a partnership with the US fund Interlink Capital Strategies in Washington DC to finance the development of 500 MW of renewable projects in Romania by 2025 to supply 100% locally produced green energy to all end customers.

In February 2021, Restart Energy successfully launched the first convertible green bond issue in Romania to be listed on the Bucharest Stock Exchange with the code REO26.