Norwegian renewable energy producer Scatec has agreed to acquire the 77 MW Urleasca wind farm from Swedish developer OX2, its first investment in the European onshore wind sector. The transaction is structured as an acquisition agreement subject to customary closing conditions.
Urleasca project details and delivery responsibilities
The Urleasca project is located in Brăila County in southeastern Romania. Commercial operation is scheduled for the second half of 2028. Under a construction and asset-transfer agreement, OX2 will remain responsible for delivering the wind farm until transfer.
After completion, Scatec will assume ownership and provide asset-management services as well as operation-and-maintenance support. The deal terms include that OX2 retains construction responsibility until the asset transfer. Completion timing remains central to the project’s economics.
Investment scale and financing plan
The project is expected to require approximately €168 million in investment, equivalent to around €2.18 million per MW. Scatec plans to finance roughly 60% of the cost with non-recourse debt. This implies potential project borrowing of about €101 million.
The remaining funding requirement is expected to be met through equity of close to €67 million. The financing approach is tied to the project’s contracted revenue structure.
CfD coverage and exposure to wholesale prices
Urleasca has secured a Romanian contract for difference covering approximately 43 MW, or about 56% of its total capacity. The contracted portion carries an average strike price of €71.30/MWh. Output from the remaining capacity will be exposed to Romania’s wholesale electricity market.
This results in a mixed revenue model combining CfD-backed volumes with merchant exposure. The CfD portion is described as providing a foundation for debt financing, while the uncontracted output maintains linkage to Romanian power prices.
Portfolio context and key execution risks
Scatec already has solar developments in Romania, while Urleasca expands its portfolio into onshore wind. The company notes that Romanian wind generation has a different seasonal and hourly profile from solar, including production outside the midday window.
Globally, Scatec has approximately 6.4 GW of generation capacity and 2 GWh of storage in operation or under construction. Within that portfolio, Urleasca is described as relatively small but provides an entry point into the European wind market and a platform for further Romanian expansion.
The principal delivery risks are expected to relate to construction cost control, grid readiness, turbine availability, and how CfD and merchant revenues interact over time. OX2’s continued construction role until transfer is intended to reduce Scatec’s direct development exposure while keeping completion timing important for project outcomes.
