The grant, approved as requested, will cover about a quarter of the company's total investment in this project.

"The project has a total value of RON 22.56 million (€4.5 million), of which the amount of financing through PNRR will be 5.45 million (€1.09 million). It involves the installation of monocrystalline photovoltaic panels on an on-grid structure, without injection into the network, and the integration of an electricity storage facility," the company says.

The new photovoltaic plant is designed for a produced power (from inverters) of about 3.81 MW and is part of TeraPlast's sustainable development strategy, which also includes increasing energy independence from renewable sources.

 The first step in starting the project, following the signing of the financing contract, is the publication of a competitive procedure for the award of a single supply contract to achieve the project objective.

"The project for realizing the photovoltaic capacity is the guarantor of the sustainable development of TeraPlast's business. The future plant will contribute to the reduction of greenhouse gases, i.e. to the estimated annual decrease of greenhouse gases by 3,238 tonnes of CO2e (CO2 equivalent). Due to the specifics of our activity, we have an appreciable consumption of electricity, and the provision of a substantial part of internally developed renewable sources helps us in our sustained effort of decarbonization and the application of sustainable solutions, friendly to the environment. At the same time, such capacities also contribute to the reduction of production costs, with a beneficial effect on the competitiveness of the Group as a whole", said Nicolae Roșu, operational director of TeraPlast.

At the same time, the group will give priority to external purchases of energy from renewable sources. In the last 5 years, the TeraPlast Group has invested almost RON 400 million (€80 million) in projects that ensure the expansion of production capacities, business diversification, and sustainable development. In the future, the Group will prioritize financing projects that accelerate the sustainability component, increase competitiveness, and provide added socio-economic value.

"The reduction of the carbon footprint, with the EU's perspective of achieving climate neutrality in the 2050 horizon, is also a strategic concern for the TeraPlast Group, which over time has implemented various environmentally friendly solutions, such as recycling and the use of recycled material in existing products, digitization of processes or renewable energy sources", the company also states.