Portland Trust sells largest PV park under development in Romania

Alina Oprea

5 January, 2024 at 9:41 AM

Real estate developer Portland Trust has sold a photovoltaic project in Dâmbovița County, which occupies an area of 290 hectares and could power a city the size of Brăila. It is the largest park of photovoltaic panels under development in Romania, with an authorized production capacity of over 153 MW. The photovoltaic park was sold to Nofar Energy, an Israeli company.

Portland Trust is also involved in the energy business. Last year, the company sold the business complex Expo Business Park in Bucharest for €117 million, which represented the third transaction in terms of value since 2022.

The photovoltaic park developed by Portland Trust in Corbii Mari, in Dâmbovița County, has an installed power of 255 MW, a significant scaling up compared to the Rătești park, the first of Portland Trust's renewable projects, which has a power of 153 MW and an area of 165 hectares. In 2021, Portland sold this photovoltaic panel park in Răteşti, also to the Israeli companies Econergy and Nofar Energy, having recently been put into operation.

The Corbii Mari project was approved in 2023 and starting in 2024 will inject 362 GWh per year of renewable energy into the electricity grid. This project will be able to provide energy for approximately 160,000 households and reduce the carbon footprint by more than 200,000 tons. Nofar Energy, a public company founded in 2011, launched its IPO in 2020 on the Tel Aviv Stock Exchange at a valuation that positioned it as the third-largest renewable energy company in Israel, in terms of view of market value.

"Portland Trust has diversified its portfolio with large-scale projects in the green energy segment. This new stage in the consolidation of our portfolio in Romania allowed us to develop the largest photovoltaic park in Romania in record time. This transaction gives us the confidence to explore this segment in the future and embark on even more ambitious projects”; said Florin Furdui, Country Manager Portland Trust Romania.

In total, the projects developed by Portland Trust until this year will produce 444,000 MWh/year of renewable energy, enough to supply more than 265,000 households, i.e. the equivalent of a city like Cluj or Timișoara, offering an eco-friendly alternative to traditional energy sources.

"We are happy to have concluded another remarkable transaction with Nofar Energy, our long-term partner who shares our common vision for a better and greener future, powered by clean energy," said Florin Furdui.

Nofar Energy is a company specializing in the development and operation of photovoltaic and wind energy production and storage facilities, with activity in Spain, Italy, Israel, Poland, Great Britain, and the USA. At the beginning of the year, Nofar Energy added another 73 MWp to its portfolio in Romania, estimated at 600 MWp at the end of 2022, taking over a photovoltaic project in Slobozia.

The Portland Trust Group, a real estate developer in Central and Eastern Europe, was founded and led by British businessman Robert Neale.