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

Alina Oprea
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. With a capacity of more than 130 MWe, the solar project represents the entry into the renewable energy sector in Romania of British businessman Dinesh Dhamija, founder and chairman of Cooper Beech Group. The total investment for the solar power plant planned by Dinesh Dhamija is estimated at more than RON 745 million (€149 million), of which more than RON 74 million (€14.8 million) is financed through the National Recovery and Resilience Plan (NRRP).

Given that the grant amount is capped at €15 million, this 130 MWe project received a grant unit value of approximately €115.000 per MW (three times less than what a 50 MWe photovoltaic would receive).

Copper Beech Urban Development is specialized in power production and is a subsidiary of Copper Beech Group. With a portfolio of investments in sustainable projects in Europe and India, the company plays a key role in the management and leadership of Romania's leading solar and hydrogen companies.

”Copper Beech Urban Development's investment in the development of the photovoltaic park in Bucșani, Giurgiu County, represents a significant step towards a greener and more sustainable future for Romania, generating significant economic and environmental benefits. The photovoltaic park will feature cutting-edge solar panels, ensuring clean and green energy production, to contribute to reducing carbon emissions in the region”, according to the company.

The photovoltaic park in Bucșani is designed to have an estimated installed capacity of 130 MW and will cover an area of 130 hectares. The solar plant is expected to have an estimated annual output of around 174 million kilowatt-hours (kWh), which will be enough to power a significant number of households and reduce carbon emissions by 50,700 tonnes per year.

“The solar park represents the first phase of a larger project with a cumulative capacity of 270 MWe and additionally RON 820 million (€164 million) of investment.  We want to bring major changes to the energy landscape in Romania and aim to reach a total capacity of almost 1 GWe by 2026. This initiative reiterates our long-term commitment to promoting the development of renewable energy in the region. Our main goal at Copper Beech Urban Development is to contribute to achieving European targets of reducing carbon emissions to net zero by generating clean energy, building solar farms, and promoting green hydrogen and green ammonia production initiatives. Our project will make a significant contribution to diversifying Romania's energy mix and reducing dependence on traditional energy sources”, stated the British businessman Dinesh Dhamija.

In addition, the investment will have a major impact on the local economy, contributing to job creation during the construction phase and exploitation. The development of the solar park will also support the local community by generating economic opportunities and improving infrastructure in the area.

Dinesh Dhamija is an Indian-born British entrepreneur, politician, and philanthropist who is best known as the founder of the online agency eBookers.

Thanks to his philanthropic activities, he has been involved in various charities, including TiE (The Indus Entrepreneurs), where he has held important positions.

Dinesh Dhamija is also the founder of Shiksha, a Charity that provides higher education to underprivileged youth in India, representing a significant effort to support access to education for those without such opportunities.

He was elected to the European Parliament in the 2019 elections for the London region and served in this position until the UK's withdrawal from the European Union.

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Green Forum  |  23 April, 2024 at 11:00 AM