Premier Energy buys 49MW ready-to-build solar park in eastern Romania

Energy group Premier Energy (BVB: PE) announced that its subsidiary, Alive Renewable Holding Limited, has completed the acquisition of a 90% stake in Development Power Solar Energy, a company that holds the rights to build a 49 MW DC solar park, together with a 16 MWh energy storage facility in Buzău County, Romania.

The company estimates that the completion and commercialization of the plant will occur in the second half of 2025.

The signing of the acquisition was previously announced by the company on June 17, 2024.

Development Power Solar Energy is one of the two project companies set up by the nephew of prime minister Marcel Ciolacu, Mihai Cristian Ciolacu, according to an investigation carried out by Hotnews.ro and quoted by Europa Libera Romania. The two companies are developing solar parks with financing extended under the National Resilience Facility. Both companies have already received connection permits from the state-owned power grid operator Transelectrica for their planned solar parks.

Premier Energy announced the signing of the acquisition of the two companies in June last year.

Separately, Premier Energy announced that a subsidiary from the Republic of Moldova, Navitas Energy, has acquired a 100% stake in Elteprod Wind, a company owning 16,238 square meters of land near the town of Stefan Voda, Republic of Moldova. Premier Energy will analyze whether it could potentially develop an 8 MW wind plant on this site.

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