“In recent years, the photovoltaic industry has seen substantial growth as technology has become more efficient and affordable while energy prices have risen sharply. Although energy prices have significantly dropped in 2023, we believe the demand for photovoltaic projects will continue to grow in both the industrial and residential sectors.” stated Horațiu Regneală, CEO of Renovatio Solar.
According to Regneală, “Currently, multinational companies with a presence in Romania, particularly those with multiple locations, maintain a strong interest in implementing photovoltaic projects. Similarly, investors view these projects as a reliable medium- to long-term hedge.”
Recent data from OPCOM, the operator of Romania’s electricity and natural gas markets, reveals that the average market closing price for electricity in June 2023 was 422.24 lei/MWh, compared to 1,138.30 lei/MWh in the same period last year.
“This year, we have also seen an increase in large-scale projects, with capacities ranging from tens to hundreds of MWp, driven by market players focused on strategic medium- to long-term growth, sustainable development, and value creation beyond just price considerations.” explained Regneală.
One of the critical factors shaping the local photovoltaic market is government policy, which must implement programs to meet Romania’s goal of phasing out coal energy by 2032 and achieving the targets set in the National Integrated Energy and Climate Plan (PNIESC). These programs could include support schemes, energy buy-back tariffs, subsidies, and tax incentives for photovoltaic system installations.
Regneală emphasized that a stable and predictable regulatory framework is essential for boosting investor confidence and fostering sustainable development in the photovoltaic market.
“The cost of producing and installing photovoltaic systems has decreased significantly in recent years, making the technology more accessible. Currently, photovoltaic cells are more efficient, and modules are more durable, improving system performance while lowering costs.” added Regneală.
Another factor expected to positively impact the market this year and in the future is the growing public awareness and demand for renewable energy, driven by both energy price trends and concerns about climate change and reducing dependence on traditional energy sources.
Renovatio Solar has been active in Romania’s photovoltaic project market since 2010, establishing itself as a leading player. The company has built its growth on the expertise of its team of energy professionals trained and qualified both in Romania and internationally.
The company concluded 2022 with a revenue increase after completing over 30 industrial projects, ranging from prosumer installations of several hundred kWp to larger projects exceeding 1 MWp. Renovatio Solar aims to substantially boost its revenue in 2023 by securing new projects with a target of reaching 100 MWp.
About Renovatio Solar & the Renovatio Ecosystem:
Renovatio Solar is part of the Renovatio ecosystem of companies and is the entity dedicated to providing high-quality, custom-made, turnkey photovoltaic solutions. It holds a leading position in Romania’s solar energy and green technology sector.Renovatio is a key and long-standing player in the energy market, with over 18 years of experience in the renewables industry. The company operates projects in Romania, Portugal, and Colombia, and has activities in other markets, including Poland, Bulgaria, Greece, the Republic of Moldova, and Italy.
Renovatio’s activities span much of the renewable energy value chain, including wind, photovoltaic, and hydro, from developing and commercially operating renewable energy projects to supplying green energy to end customers and implementing energy efficiency and storage projects. Additionally, through Renovatio e-charge, the Renovatio ecosystem operates the first and largest network of electric vehicle charging stations in Romania.
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