BUCHAREST - Romanian energy company Societatea Energetica Electrica SA (Electrica) announced Monday that its subsidiary, Crucea Power Park SRL (CPP), has been selected as a winner in the first round of Romania's Contracts for Difference (CfD) auction. The auction, part of a state aid scheme, will provide financial support for CPP's Crucea Est onshore wind power project, which boasts an allocated installed capacity of 54.0 megawatts out of a total designed capacity of 138 MW.
The Crucea Est wind farm, located in Constanta County, represents a significant step for Electrica in its strategic journey towards renewable energy and sustainability. The project, which includes the construction of a wind farm, medium voltage electrical network, and other related infrastructure, has an estimated total investment value of up to €253 million, excluding VAT.
Electrica's shareholders are expected to convene at an Extraordinary General Meeting on February 5, 2025, to approve the commencement of the investment. The CfD scheme, a first of its kind in Romania and financed with non-reimbursable funds from the Modernization Fund, aims to reduce financial risks and provide long-term stability for investors in renewable energy projects.
Alexandru Chirita, CEO of Electrica, expressed the company's commitment to advancing renewable energy projects, stating that the development of the Crucea Est wind farm is strategic for the company and contributes to Romania's national energy transition goals.
The announcement is based on a press release statement and reflects Electrica's progress in the renewable energy sector, as well as its contribution to the broader energy transition in Romania.
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