Restart Energy, an independent supplier of electricity and natural gas operating on the local market, intends to invest approximately 30 million dollars in developing a 45 MW solar project in Sărmășag locality in Sălaj county. The purchased project is in the “ready to build” phase, and the money will be invested in the park’s construction. The company estimates that the park will start to function in the first quarter of 2022.
This 45 MW project is the company’s first step in developing and integrating its upstream segment with 500 MW renewable energy projects by the end of 2025. Restart Energy aims to buy or develop 100 MW projects in each of the next five years. The projects will require investments estimated at $ 100 million annually. Restart Energy targets the solar, wind, biogas, biomass and geothermal energy fields.
The Sărmășag park will have an annual energy production of 55 million kWh – enough to supply about 30,000 households with green energy. Putting it into operation, the release into the atmosphere of 1.23 million tons of CO2 during the 25-year operation period will be avoided.
The Sărmășag project: 115 jobs
The Sărmășag project was purchased at the “brownfield” stage from a team of developers with experience in green energy parks. Through this project, Restart aims to create 100 jobs during construction and 15 permanent jobs during operation.
“We are delighted to be able to contribute to the green development of Romania’s energy infrastructure as well as to help balance the grid by introducing a new renewable asset that produces clean, green energy from the sun during peak hours. Construction is scheduled to begin in the second quarter of this year. We hope that the first green KWh produced by the sun will enter the grid in the first quarter of 2022”, says Armand Domuța, CEO and founder of Restart Energy.
Financing through private equity and banks
The project’s financing will be done through the company’s sources, private equity funds, and bank financing. In January, Restart Energy announced a joint venture with the US consulting and fund management company Interlink Capital Strategies. In this partnership, Interlink acts as a strategic advisor for financing the 500 MW green energy projects that Restart Energy wants to develop in the next five years in Romania and neighboring countries. These projects will require investments of 500 million euros.
Last year, Restart Energy had a 120 million lei turnover and a net profit of 13 million lei. The management’s plans are for this year to increase the company’s turnover to 220 million lei and the net profit to 24.2 million lei.
Recently, Restart successfully concluded its first bond issue dedicated to developing and acquiring renewable energy production assets in Romania, attracting 16.3 million lei. The offer was oversubscribed, underlining investors’ high interest in the company and the green energy segment.