EBRD To Support Romania's Second Round Of Renewable Energy Auctions
Date
12/7/2024 3:09:16 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 7. The European Bank
for Reconstruction and Development (EBRD) has signed a Memorandum
of Understanding with Romania's Ministry of energy to support the
country's renewable energy initiatives, Trend reports.
The agreement, signed by Energy Minister Sebastian Burduja and
EBRD Head of Romania Victoria Zinchuk, outlines plans to enhance
renewable energy auctions and introduce new mechanisms to advance
energy storage capabilities.
Following the success of Romania's first renewable energy
auction in September, which allocated 1.5 GW for solar and wind
projects, the EBRD will assist in organizing a second round of
auctions by the end of 2025. This next phase aims to tender 3.5 GW
of renewable capacity and includes plans for developing energy
storage schemes, such as pumped storage hydropower, and addressing
regulatory requirements for integrating storage systems into energy
markets.
Minister Burduja emphasized the partnership's importance,
stating, "This collaboration will strengthen Romania's energy
system, attracting investments and advancing renewable energy
generation." Victoria Zinchuk of the EBRD reiterated the Bank's
commitment to supporting Romania's energy transition and fostering
private sector involvement.
Romania's renewable energy targets, outlined in its National
Energy and Climate Plan, include achieving 38.3% renewable energy
in gross final consumption by 2030. A draft energy strategy aims
for 44% from low-carbon sources by 2035.
To date, the EBRD has financed nearly 1 GW of renewable capacity
in Romania in 2023, mobilizing over 1 billion euros in additional
investments. Since its inception, the EBRD has invested 11.5
billion euros in Romania across 550 projects.
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