Romanian energy company Premier Energy plans to expand its renewable energy portfolio by 50% to 1.5GW up to 2026, Reuters has reported.

The company, owned by Czech investment holding company Emma Capital, is also set to continue its investments in neighbouring Moldova.

Established in 2007, Premier Energy has 1GW of green projects under ownership, management or in development in Romania. The projects are equally distributed between wind and solar energy across the country.

The company built 10MW of solar power in Moldova in 2023 and plans to add a further 20MW in 2024.

Premier Energy’s chief financial officer, Peter Stohr, said in an interview with Reuters: “The biggest growth is the electricity generation management and supply – and that will continue to be an area that we focus on in terms of growth.”

Romania is working to reduce carbon emissions to align with EU climate goals and enhance energy security, a concern heightened by the geopolitical situation following Russia’s invasion of Ukraine in February 2022.

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Romania aims to phase out coal by 2032 and shift towards gas, nuclear and renewable energy sources.

One significant challenge for renewable energy developers in Romania is securing long-term power purchasing agreements with commercial consumers.

These agreements are crucial for obtaining bank financing before construction.

Since 2015, Premier Energy has seen substantial growth in Romania, with its revenue increasing from €13m ($14.08m) to €900m in 2023, partly through 25 acquisitions.

Asked if the company was considering listing on the Bucharest Stock Exchange, Stohr replied: “We are really sort of positive on the growth aspects of the company, so we may look to diversify our financing needs.”

In December 2023, Premier Energy acquired CEZ Vanzare from Macquarie Asset Management. CEZ Vanzare is a key electricity distributor in Romania, serving 1.4 million customers, and was previously part of Czech group CEZ before its acquisition by the Australian infrastructure fund Macquarie, along with other CEZ assets in Romania.