Listed Romanian engineering company completes its first solar park

Simtel Team (BVB: SMTL), a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange, has completed the first phase of a photovoltaic park in Plesoiu, Olt county.

With this, Simtel enters a new business line, namely electricity production.

“The completion of the first phase of the Plesoiu project marks a major stage in the evolution of Simtel through the development of a new business line aimed at producing renewable electricity. This step represents a remarkable opportunity for us, as we already have the necessary know-how for installing, maintaining, and operating photovoltaic parks. Compared to the projects for which we provide specific services and solutions, energy production has a much higher added value for the company, generating important additional revenues in the coming period,” said Iulian Nedea, co-founder and Chairman of the Board of Directors of Simtel Team.

The Plesoiu project is divided into two phases, the first of which has been completed, with an installed power of 0.988 MWp, obtained from 2,244 photovoltaic panels. The second phase will have an installed capacity of 0.712 MWp, generated by 1,320 photovoltaic panels. The procedures for obtaining the necessary authorizations are underway for the latter, with an estimated completion date in the first half of 2024.

Upon completion of the entire project, Simtel will operate a photovoltaic park with a total installed power of 1.7 MWp.

“We want to expand this field of activity in the future, with the plan to reach a total installed capacity of 100MW in our parks in the medium term. We are currently working on such power generation projects, which are in various stages of development, from procurement to authorization, approval, or certification,” added Simtel’s CEO, Mihai Tudor.

Simtel Team is one of the most dynamic companies on the BSE’s AeRO market. Since the beginning of this year, the company’s shares have gained 54%, and its capitalization has reached RON 300 mln (EUR 60 mln). As a result, Simtel will be included in the MSCI Frontier Markets Small Cap index and MSCI Romania Small Cap index as of August 31, 2023.

(Photo source: the company)