Romanian engineering and tech company Simtel acquires developer of photovoltaic park in Salonta

Simtel Team (BVB: SMTL), a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange, announced the takeover of Oasis Green Energy 3, a project company developing a photovoltaic park in Salonta, Bihor county. Currently, Simtel owns six such parks, which are in various stages of implementation.

Through this new deal, Simtel will take over a ready-to-build project with a planned installed capacity of 5.35 MWp DC (peak power at panel level), which covers an area of approximately 70,000 sqm and has all the necessary permits to start its implementation. The company estimates that the project will be fully completed within six months.

The Salonta park will generate approximately 6.5 GWh annually and reduce carbon dioxide emissions in the atmosphere by about 4,000 tons annually, the company said.

“The takeover of the project company in Salonta is part of Simtel’s long-term strategy of developing its own portfolio of photovoltaic parks to produce and sell electricity. This investment expands our production capacity, diversifies our energy portfolio, and reflects our vision to play a key role in Romania’s transition to a green economy,” said Mihai Tudor, CEO and executive member of the Board of Directors of Simtel Team.

Simtel currently owns six such parks, in various stages of implementation, in Plesoiu, where the first phase of the project was completed in August 2023, Anina, Ianca, Giurgiu, Mangalia, and Salonta. Once work at all the projects is completed, the parks will have a total installed power of approximately 75 MWp DC and will generate an annual production of around 100 GWh.

Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 2021.

According to the preliminary results for 2023, the company recorded a consolidated turnover of RON 295.6 million, a 112% increase compared to 2022, and a net profit of RON 27.4 million, a 115% appreciation compared to the previous year. EBITDA at the consolidated level in 2023 was RON 36.8 million, a 117% increase compared to 2022 and 17% higher than the 2023 revenue and expense budget assumed by the company.

(Photo source: the company)