EBRD Collaborates with Romania for Landmark Renewable Energy Auction

EBRD Collaborates with Romania for Landmark Renewable Energy Auction

(IN BRIEF) Romania is set to launch its inaugural auction for a contract-for-difference (CfD) support scheme to promote renewable energy. The scheme will provide backing for onshore wind power and solar photovoltaic projects with a combined capacity of 2,000 MW over 15 years. The European Bank for Reconstruction and Development (EBRD) is collaborating with the Romanian Ministry of Energy to create the necessary legal framework and implement the competitive tender process for the auction, with successful bidders expected to be announced in November 2023. The CfD scheme aims to incentivize renewable energy investments and is part of a multi-year plan to award CfDs for a total of 10 GW of onshore wind and solar PV capacity by 2030. This initiative is a significant step towards a greener future for Romania and will boost the nation’s renewable energy landscape.

(PRESS RELEASE) LONDON, 3-Aug-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, announces that Romania is poised to make a significant leap towards a greener future as it gears up to launch its inaugural auction for a contract-for-difference (CfD) support scheme for renewable energy. The scheme aims to boost the development of onshore wind power projects and solar photovoltaic (PV) projects, with a combined capacity of 2,000 MW, through a 15-year CfD support mechanism. The much-anticipated auction is scheduled to take place in the coming month, with successful bidders set to be announced in November 2023.

Ahead of the official launch, an information note for prospective bidders will be released and made available on the Romanian Ministry of Energy’s website, providing essential details and guidelines.

Collaborating closely with the Romanian Ministry of Energy and other regulatory authorities, the European Bank for Reconstruction and Development (EBRD) is actively engaged in creating the necessary legal and regulatory framework for the CfD support scheme. The bank is also facilitating the implementation of the competitive tender process for the first round of auctions in 2023.

The two-way CfD scheme introduces a vital incentive for renewable energy investments by offering revenue stability to developers and fostering the seamless integration of renewables into the energy market. This auction marks the commencement of a comprehensive multi-year plan, envisioned to award CfDs for a total of 10 GW of onshore wind-power and solar-PV generation capacity by 2030.

The EBRD’s extensive expertise in supporting renewable-energy auctions across its countries of operations has been instrumental in facilitating this transformative initiative. To date, the EBRD has contributed €10.5 billion towards 514 projects in Romania, reinforcing its commitment to sustainable development in the region.

Mark Davis, EBRD Regional Head of Romania and Bulgaria, said: “We are proud to play a key role in developing Romania’s renewable energy sector and to support its ambition to decarbonise the Romanian economy, in line with the Recovery and Resilience Plan milestones and country-level renewable energy targets. This new CfD scheme awarded through auctions is critical to unlocking private-sector investment and to ensuring the transition to a resilient and green energy sector. We thank the Ministry of Energy and all stakeholders in Romania engaged alongside us in this undertaking.”

With Romania’s first CfD auction on the horizon, stakeholders and investors are eagerly anticipating the surge of clean power investments that will bolster the nation’s renewable energy landscape and accelerate progress towards its climate goals. The auction represents a significant stride towards a more sustainable and resilient energy future for Romania and is poised to leave a lasting positive impact on the country’s energy transition.

Media contact:

Tel: +44 207 338 7805
Email: press@ebrd.com

SOURCE: EBRD