Vrancart to build 20 MW PV park in Vrancea County

Alina Oprea

29 September, 2023 at 4:13 PM

Vrancart, the producer of corrugated cardboard, signed a financing contract with the Ministry of Energy, through the National Recovery and Resilience Plan (PNRR), in order to build a photovoltaic park with a power plant, in the town of Adjud, Vrancea County. The total value of the project is RON 96.87 million (€19.37 million) without VAT, of which the maximum non-refundable eligible value is RON 28.95 million (€5.79 million) without VAT. That project has the ultimate goal of developing and operating a modern green energy production facility with an estimated installed capacity of 20 MW.

The investment "represents a significant step by the company to implement its sustainable development strategy", according to a company announcement.

The company from Adjud reported total revenues of RON 236.2 million (€47.24 million) in the first half of 2023, down 16% compared to the same period in 2022, and a net profit of RON 8.54 million (€1.7 million) down 32%.

In the period January-June 2023, the company made investments of RON 25 million (€5 million), increasing by 37%.

Vrancart has a capitalization of almost RON 200 million (€40 million) and is 75.5% controlled by Lion Capital, while Paval Holding has a 17.2% stake.

nextE complets PV power plant for RAAL

nextE, a renewable energy company operating as an Independent Energy Producer (IPP), has announced the completion of a €4.8 million investment in a photovoltaic power plant whose beneficiary is RAAL.

Energy

Ilfov County Council to build PV plant in Cernica

The Ilfov County Council will build a photovoltaic plant in Cernica.

Energy

Engie to develop PV park in Brăila County

Engie has started the construction of a photovoltaic park in Brăila County, located next to a wind farm that it owns.

Energy

Copper Beech Urban Development invests €149 million in PV park in Giurgiu

Copper Beech Urban Development is planning a major investment of RON 745 million (€149 million) in the development of a photovoltaic park in Giurgiu County.

Real estate

Atria Urban Resort installs 296 solar panels

Atria Urban Resort, a residential complex developed in the north-western area of Bucharest by EVERGENT Investments, in partnership with Cityring Development, has installed 296 solar panels that will produce energy for heating domestic hot water.

Energy

Econergy to build PV park in Dâmbovița County

Econergy, one of the most active investors in the renewable energy sector in Romania, has obtained the connection approval for a new renewable energy project, according to public data.

Energy

Copper Beech Urban Development to build a PV park in Giurgiu County

The Copper Beech Urban Development company has received funding of around RON 74 million (€14.8 million), European money through the PNRR.

LATEST NEWS

11 Dec

Prologis signs Poland's first logistics PPA deal

11 Dec

Lidl Romania exceeds 2030 sustainability targets early

10 Dec

EU scales back corporate sustainability laws — Investors warn transparency will suffer

10 Dec

Dentons advises OX2 on 235 MW Romanian wind acquisition

3 Dec

Reckitt signs major lease at Garbe Park Klášterec nad Ohří

CONFERENCES

CEE PROPERTY FORUM & AWARDS GALA 2024 - VIENNA, AUSTRIA

POLAND ESG FORUM 2024

Romania ESG Forum 2024

RECOMMENDED FROM THE HOME PAGE

Regulation

EU scales back corporate sustainability laws — Investors warn transparency will suffer

The European Union has reached a provisional agreement to reduce the scope and stringency of two major ESG regulatory frameworks: Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD).

Industry

Lidl Romania exceeds 2030 sustainability targets early

Lidl Romania has published its eighth sustainability report for the 2024 financial year, announcing accelerated progress in reducing environmental impact. The retailer has achieved its international 2030 target for transitioning to natural refrigerants, with these now used in 100% of logistics centres and 81.7% of stores, compared to the original goal of 100% of logistics centres and 40% of stores. The company has also increased its green energy usage to 80% of total consumption.

Energy

Dentons advises OX2 on 235 MW Romanian wind acquisition

Global law firm Dentons has advised OX2 on acquiring three wind power projects totaling 235 MW in Romania from Future Power. The projects, located in Vaslui and Vrancea counties, are expected to be commissioned between 2028 and 2030, subject to permitting.

Energy

Turkish investors pour millions into Romanian green energy

Romania is emerging as a key destination for Turkish renewable energy investments, attracting growing interest from industrial and financial groups. Real grid connection opportunities for projects, infrastructure modernisation potential, and investment framework stability make Romania strategic for Turkish capital as Europe accelerates its transition to sustainable sources and energy independence.

Business

Cost remains main driver and biggest barrier in sustainability

51% of Romanian entrepreneurs see sustainability as a way to reduce operational costs, yet the same proportion say implementation is too expensive, according to a new study by BRD Groupe Société Générale. Conducted among micro and small-to-medium enterprises, the research outlines how Romanian entrepreneurs perceive the opportunities and challenges of transitioning to sustainable business models.

POPULAR

Energy

3 months ago

EU struggles to agree on climate targets, set to miss UN deadline

Energy

1 month

Turkish investors pour millions into Romanian green energy

Energy

6 days ago

Dentons advises OX2 on 235 MW Romanian wind acquisition