Energreen Investment buys solar power project in Brasov, Romania

Luxembourg - based investment holding company Energreen Investment Europe recently took over a solar power plant in Brasov, despite the recent reduction in green energy incentives recommended by Romania's energy authority ANRE, according to a recent announcement.

Taking over the 17MW solar power facility is part of the investment group's European strategy, which focuses on Italy and Romania in particular, taking advantage of favorable investment climates. The seller was Romanian firm Vis Solaris 2011, which had built the 30-hectare park in Hoghiz, Brasov, and which is controlled by investors Cornel Răhăian and Alexandru Rus. The company has similar projects under development in Feldioara on 11 hectares, Hălchiu on 10 hectares and Râşnov, on 10 hectare, with a total installed power of 85 MW. “Although negotiations were held amid discussions about a controversial government initiative to change the current support scheme for renewable energy, which added additional pressure, the whole process took place at a steady pace, making it possible to move quickly to the actual implementation of the project,” said one of the lawyers from legal firm Schoenherr, which is assisting in the deal. Law firm Schoenherr released no details on the value of the deal, schedules for investment or a date when the solar plant will become operational. Local media quoting one of shareholders in the selling company said the value of the deal was about EUR 2.5 million, and that the buyer plans to further invest EUR 30 million in the project. Energreen Investment acquires and develops renewable energy projects in the pre-construction phase and then builds and operates them. However, the company also manages portfolios of operational energy plants, providing post-sale management and maintenance services. Energreen Investments is primarily interested in countries with government incentives for renewable energy schemes. The company identifies Italy and Romania, as well as Eastern Europe and emerging markets elsewhere as its main areas of focus. Energreen makes investments via a Luxembourg Specialized Investment Fund, described as a "tailor made" investment vehicle. editor@romania-insider.com