Restart Energy ends the year with EUR 55 mln in turnover

Restart Energy, one of the largest independent electricity suppliers on the local market, announced sales worth over EUR 10 million on the segment of photovoltaic systems with a total installed capacity of approximately 15 MW by the end of 2022. The Timisoara-based independent electricity supplier also said it would end the year with over EUR 55 million in turnover, aiming for EUR 72 million in estimated revenues for 2023.

“Solar installations of renewable energy production from photovoltaic sources, for self-consumption of large, small, and medium-sized companies, will face a solid demand over the next three years. The main factors that will support this demand are the high energy prices but also the need for renewable energy consumption,” said Armand Domuta, the company’s general manager.

“At the moment, demand is exceeding supply in the market, and we estimate that it will take at least another 3-4 quarters to see a balance. We hope that the legislative framework will also encourage this market segment,” he added.

Last year, Restart Energy signed a lucrative financial partnership with American fund Interlink Capital to expand its development of 500 MW of renewable projects nationwide by 2025 and launched REO26, the first convertible green bond issue on the Bucharest Stock Exchange.

The company’s clients are mostly players from the industrial sector, industrial energy consumers, retail, and hotel/restaurant/catering industries. Through the Restart Solar product, the company aims to reach a target of 45 MW installed in the commercial solar segment by 2023, then double it every year before its 50% aimed expansion in three years.

(Photo source: the company)