Doral enters the Romanian market: will set up projects with a capacity of 300 megawatts – the capital market

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It is reported that the subsidiary (100%) Doral Europe, has signed an agreement to initiate and establish projects in the field of photovoltaics with a capacity of 300 megawatts in Romania and an expected investment volume of $ 200 million. The projects, which are in various stages of initiation, will be established with a local partner through the establishment of a joint corporation, 80% of which will be held by the company.

The company estimates that, based on market research it has conducted, the renewable energy market in Romania is expected to grow significantly in the coming years. This is after the Romanian government set a target according to which 30.7% of the total electricity production will be done using renewable energy by 2030 (an increase of about seven gigawatts compared to the power currently installed). Also, in May 2020, the Romanian Ministry of Economy, Energy and Business ruled that it would be possible to enter into long-term PPAs.

Doral estimates that setting the targets for 2030, along with the legislative change, have a potential for growth that will lead investors to make extensive transactions and investments in the field of renewable energy in Romania. The company also estimates that the rate of penetration of renewable energies into the market will be about 2.5% per year.

Yaki Neumann, CEO of the Doral Group: “The Romanian market is expected to grow significantly in the coming years in light of Romania’s government targets for producing 30.7% of electricity from renewable energy by 2030. We continue to expand the company’s global operations in Europe and the US and penetrate more markets worldwide with experience and professionalism.” And the projects in which we operate in Israel.