Agrovoltaics, a subsidiary of Restart Energy Group, signed the agreement, marking a significant milestone in developing a 500 MW photovoltaic park in Simand, Arad County.
The solar park will be the second largest in Romania and is set to be financed by US Exim Bank through the American fund Interlink Capital Strategies based in Washington, Restart Energy has received a letter of interest from US Exim Bank for $380 million in project financing.
To support this financing, the company plans to utilize advanced US technology, including cutting-edge photovoltaic panels from SEG Solar and energy storage batteries from TESLA with a capacity of 1 GWh. Restart Energy anticipates beginning construction in the second quarter of 2025 and completing the project by December 31, 2026. The initiative is expected to create over 300 new jobs in the coming years.
“This project is strategic, reinforcing Restart Energy’s position in the regional energy market. The photovoltaic park will help protect the environment by reducing the negative impact and replacing polluting fossil fuel capacity. We are proud to significantly contribute to Romania’s transition to renewable energy,” said Armand DomuÈ›a, CEO & Founder of Restart Energy.
The photovoltaic park will produce around 800 GWh of electricity annually and is expected to reduce carbon emissions by approximately 400,000 tonnes per year, equating to 12 million tonnes of CO2 avoided over the project’s lifetime, with environmental benefits valued at over $1 billion.
