Wind is gaining strategic importance in Southeast Europe as solar capacity grows and increases the value of renewable generation outside the midday photovoltaic window. July’s market moves were accompanied by project announcements across Romania, Bulgaria, Greece and Türkiye. Investors’ activity was linked to changing market dynamics, while the main bottleneck shifted to the speed of securing permits, grid access and bankable revenue support.
July price signals tied to wind and solar output timing
A regional market monitor estimated solar generation at 8,518 MW for July 20 delivery, compared with 1,467 MW of wind. Wind output was down by 290 MW from the previous day. Solar generation pushed prices lower around midday, while weaker wind output and the end of photovoltaic generation after sunset contributed to evening prices of about €190/MWh in Romania, Bulgaria and Greece and €210/MWh in Serbia.
Week 27 showed a similar direction in operational data. Monitored Southeast European wind generation fell by 5.1%, while solar declined by 1.8% and hydropower dropped by 3.4%. Net imports rose by 28.2%, with thermal generation covering part of the shortfall. The figures were described as snapshots rather than evidence of a permanent premium for wind.
Market-value indicators show wind capturing more than photovoltaics
ENTSO-E’s market-value indicators provided a structural benchmark for wind versus photovoltaics across four markets. For the period from June 1, 2025, to June 1, 2026, wind capture prices reached €108/MWh in Croatia, €107/MWh in Bulgaria, €105/MWh in Romania and €88/MWh in Greece. Equivalent photovoltaic values were €69/MWh, €57/MWh, €58/MWh and €43/MWh, respectively.
The difference between wind and photovoltaic profile value ranged from €39/MWh to €50/MWh across the four markets. ENTSO-E concluded that wind experienced less price cannibalization than photovoltaics during the measurement period. The indicators do not include annual wind yields, capital costs or site-specific resource quality and were not intended as project-level returns. They were used to show that regional pricing placed higher value on the timing of wind generation.
Romania shifts auction support and corporate contracting expands cross-border demand
Romania was cited as showing the clearest shift toward wind as solar permitting improvements shortened development timelines and increased photovoltaic supply. Industry participants described solar as becoming more favorable to buyers while competition for wind assets intensified. The Romanian government also adjusted renewable auction allocations to direct more support toward wind projects.
The same shift did not remove development complexity for wind. Wind projects generally face longer environmental, planning and grid-connection processes than solar facilities, with grid congestion highlighted as a major obstacle. The move toward auction-based grid-capacity allocation was expected to increase the importance of financial guarantees, project maturity and deliverable connection rights.
[Rezolv Energy] signed a ten-year virtual power purchase agreement in March under which a Bulgarian industrial consumer will procure power linked to the 461 MW Vifor wind farm in Romania. The buyer already had a Bulgarian solar PPA and added wind to improve its renewable electricity balance. The transaction was described as Bulgaria’s first publicly announced cross-border wind PPA.
Bulgaria’s pipeline grows slower than expected operational capacity
Bulgaria’s wind industry reported an approximately 4 GW development pipeline, with some projects already at advanced stages of development and financing. The industry expected around 200 MW to become operational by the end of 2027. It also believed that at least half of the current pipeline could be completed by 2030.
The conversion process was described as slow because Bulgarian wind projects typically require four to five years to reach ready-to-build status. Industry representatives cited slow permitting reforms and limited institutional support as factors behind delays. They also called for contracts for difference to provide a more predictable route to market.
Greece sets offshore zones but leaves curtailment risk unchanged for investors
A ministerial decree in July increased Greece’s planned offshore-wind capacity to 2.35 GW, compared with a national energy plan range of 1.9–2 GW. The decree assigned capacity to individual zones and included pilot projects off Thrace (600 MW) and near Crete (250 MW). It also covered around the Dodecanese (500 MW) and around the Cyclades including the Gulf of Euboea (500 MW) plus the Gulf of Patras (200 MW). Grid-connection points were identified for future development.
The plan indicated that most projects are expected to compete for contracts for difference while the 600 MW pilot tranche would receive feed-in tariffs. However, offshore projects were not granted specific protection against curtailment. They were set to follow the same general curtailment framework applied to other renewable generators.
Türkiye auctions reserve 1.5 GW for seven wind projects; financing supports construction starts
Türkiye announced a renewable-energy auction round in July with total capacity of 2.4 GW, including 1.5 GW reserved for seven wind projects. Bids were scheduled for October 13. As of May, Türkiye had connected 15.1 GW of wind capacity and 26.9 GW of photovoltaic capacity.
[FMO][DEG][Enerjisa Üretim][YEKA][Muğla]: FMO and Germany’s DEG agreed to provide Enerjisa Üretim with a $180 million financing package. The package covers three wind farms totaling $250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW$250 MW`>` is incorrect; correct figure is: three wind farms totaling $250 million financing package for three wind farms totaling 250MW in Muğla.
The projects were already under construction with scheduled operations during 2026. The financing had an eight-year tenor and supported projects awarded under the YEKA state-support mechanism.
Status delays in Serbia highlight value differences between pipeline and build-ready assets
The Western Balkans’ grid constraints were described as reinforcing demand for mature projects linked to transmission policy and grid availability. Serbia decided not to process connection-study applications for large new wind and solar projects until 2029, slowing the next development cycle materially.
The impact was considered significant because wind projects typically have longer lead times than photovoltaic facilities. In such conditions, valuation gaps can widen between early-stage pipelines and projects holding advanced permits or grid rights. Maturity, permitting status and connection rights can become more valuable than headline pipeline size when grid access is constrained.
Diversification continues through contracting structures rather than technology substitution alone
Southeast European wind was described as retaining a profile advantage while solar capacity expands faster than both wind and storage. Corporate buyers were expected to combine technologies rather than choose between them by using solar for low-cost daytime electricity alongside wind for broader hourly and seasonal renewable coverage.
A higher capture price did not remove development risk in the near term market context described as favoring permitted onshore projects with grid security. Assets supported by contracts for difference or long-term PPAs were highlighted alongside cross-border structures connecting wind-rich areas with industrial demand elsewhere in the region.
[offshore]: Offshore wind was characterized as requiring policy stability, extensive survey work and major network investment due to its longer development timeline compared with immediate flexibility needs across Southeast Europe.
