4P Renewables’ planned solar and battery buildout
Romanian developer 4P Renewables is planning a €500 million solar-storage portfolio with a total battery capacity of 1.8 GWh. The project is designed around roughly 500 MWp of solar capacity paired with the same 1.8 GWh of BESS. The portfolio is expected to be developed across several counties.
Construction is scheduled to start in stages from Q4 2026. Commissioning is targeted for 2027-2028. The storage component is described as particularly significant within the overall package.
BESS sizing and link to intraday price spreads
With 1.8 GWh, the proposed BESS portfolio is positioned as large relative to the 500 MWp solar fleet. The battery size would enable electricity shifting for several hours. This approach is described as different from earlier solar-storage projects where batteries were often sized mainly for grid support or short-duration balancing.
The commercial rationale is increasingly tied to Romania’s intraday price structure. Rapid solar additions are expected to depress midday values, while evening prices remain stronger. Recent sessions have shown spreads of more than €100/MWh between solar-heavy periods and the evening peak, with longer-duration storage enabling capture of part of that spread.
Development model and market participation strategy
4P plans to use a mixed development model across the portfolio. Some projects may be sold once they reach ready-to-build status, while others could be retained for operation. Retained assets would be exposed to trading, balancing and storage optimisation.
The strategy is intended to reflect changing economics in renewable development. Developers can monetise mature projects through asset sales while keeping selected sites where merchant flexibility may provide longer-term upside. Romania’s pipeline activity is also increasingly focused on BESS rather than generation-only additions.
BESS market expansion and implications for returns
Romania is described as one of the most active BESS markets in southeast Europe. Installed battery power was close to 1 GW by mid-2026, alongside a growing pipeline of two-hour and four-hour projects moving through construction and financing. Expansion is expected to improve system flexibility while increasing competition between storage assets.
As more batteries charge during low-price hours and discharge into the evening peak, arbitrage spreads may narrow. Balancing revenues could also decline if additional capacity enters ancillary-service markets. Future BESS investment cases may therefore need to assume lower returns than those available to early projects.
Grid access as a differentiator for storage projects
The role of grid access is highlighted as potentially becoming equally important for project outcomes. Storage located at constrained or strategically valuable network points could generate significantly different returns even with the same battery technology. Projects combining secure grid capacity, solar generation and sufficient duration are therefore described as likely to attract higher valuations.
The planned €500 million 4P portfolio is presented as reflecting this shift toward measuring the next renewable investment cycle in both megawatts of generation and megawatt-hours of flexibility after the solar production window closes.
