Continental Wind Partners to invest €1.5 bln in wind energy in Romania

“We are also interested in renewable energy from sources other than wind on the Romanian market, and are considering hydro energy, biomass and even solar energy. We have not yet decided on anything specific in this regard,” added de Sola Pool.

The fund has already been granted authorization for a 345 MW project in the southern Romanian Dobrogea area, and is currently looking for financing for the project.

De Sola Pool said the financing process for wind energy units is difficult, partly because of the lack of a sustainable legislative system on renewable energy. Several investors have complained about the lack of support from the Romanian state for “green” energy.

According to energy market sources, CWP is discussing with several local and international companies a partial sale of the 345 MW project, estimated to be worth some €500 mln. The fund’s CEO said CWP is not going to sell the project, but is trying to sell shares thereof. CWP intends to remain part of the project, de Sola Pool emphasized.

Several other renewable energy projects were recently announced in Romania. State-owned electricity transportation company Transelectrica has given the go-ahead for three wind energy projects with a total capacity of 600 MW, for CWP and businessman Emanuel Muntmark.