Tinmar Energy and state-owned utility Energy Complex Oltenia have completed procurement for four solar parks with combined capacity of almost 395 MW. The procurement completion clears the way for engineering, procurement and construction contracts to be signed. The projects are located in Gorj county.
The developments are part of EC Oltenia’s transition from coal-dependent generation towards a more diversified portfolio. They are described as among Romania’s largest renewable projects structured through cooperation between a private energy company and a state-owned utility. Procurement completion is one step in moving the projects toward contract execution.
Selected EPC consortium for four plants
A consortium led by China Civil Engineering Construction Corporation Romania has been selected to deliver all four plants. The consortium also includes Spain’s Aeronaval de Construcciones e Instalaciones. The selection covers delivery of the full portfolio of solar parks.
The portfolio has an estimated investment value of approximately €260 million, equivalent to around €658,000 per MW. The final investment figure is expected to depend on grid works, battery capacity, financing costs and whether all owner’s costs are included. These factors are relevant to the overall capital intensity.
EU Modernisation Fund reimbursement and project economics
Approximately 70% of the investment is expected to be reimbursed through the EU Modernisation Fund. On the stated budget, that would amount to close to €182 million, leaving around €78 million to be financed through shareholder contributions and commercial bank debt. The grant component is expected to materially affect the projects’ financial profile.
At a net capacity factor of 14–17%, the portfolio could generate approximately 485–588 GWh annually. With an achieved electricity price of €55–75/MWh, gross annual revenue would fall in a broad range of €27–44 million. Operating expenditure for the four sites could be approximately €4–6 million per year before balancing, land, grid and battery costs.
With grant coverage for most construction expenditure, a base equity return could exceed 12%. An upside case combining strong irradiation, controlled EPC costs and favourable market capture could move beyond 16–18%. Returns are also described as sensitive to grant compliance and grid delivery.
A connection delay of 12–18 months could reduce equity return by approximately 2–4 percentage points. The impact is particularly linked to reimbursement milestones, equipment warranties or debt availability periods expiring before commissioning .
Batteries integrated with solar; next steps after procurement
Battery energy-storage systems will be integrated with the solar plants, although their capacity has not been disclosed. Battery sizing is expected to determine whether storage primarily provides grid compliance, reduces curtailment, shifts solar output into higher-priced evening hours or participates in balancing markets .
Tinmar and EC Oltenia are also advancing a 475 MW gas-fired power plant with an estimated cost of €489 million, equivalent to just over €1 million per MW. The combination of gas, solar and storage is intended to replace part of EC Oltenia’s coal exposure while maintaining dispatchable capacity.
Completion of procurement removes one development barrier, while the critical path shifts to EPC contract allocation, grid readiness, Modernisation Fund evidence and the interface between solar generation and battery control systems. Further execution steps therefore depend on these elements proceeding in sequence.
