Romania's Simtel obtains €12.2 million funding to build 52 MW PV park

Green Forum

26 March, 2024 at 7:00 AM

Romanian engineering and technology company Simtel Team has obtained non-refundable financing of €12.2 million under the National Recovery and Resilience Plan (NRRP) for the construction of the Giurgiu photovoltaic power plant, according to a document published on the Bucharest Stock Exchange (BVB).

The Company will provide the rest of the necessary financing from its own funds and bank financing. The company says the Giurgiu PV power plant will have a planned installed capacity of 52 MWp DC (maximum power at panel level).

"The land on which the plant will be built is owned by the Company, and the project has already obtained all the necessary authorizations to start implementation - technical documentation, Technical Connection Opinion, and construction permit.

The Company estimates that the project will be completed in Q4 2024 - Q1 2025," the document also states.Simtel plans to utilize a combination of its internal resources and bank loans to fulfill the remaining financial requirements for the project, as stated in a press release submitted to the Bucharest Stock Exchange. However, the total cost of the project was not disclosed.

The solar park will be situated in Giurgiu, a city in the southern region, on land owned by the company. Having obtained all the requisite permits for commencement, Simtel targets a project completion window spanning from October 2024 to March 2025