Romanian Restart Energy raises new capital for its 500 MW solar projects
Date: August 17th 2021
Author: Tanja Srnovršnik
Romanian electricity and gas supplier Restart Energy One has raised EUR 21m from the US-based investment fund Tejas Capital to accelerate its 500 MW solar as well as storage projects, it said on Monday.According to Restart Energy One, this transaction is part of an ongoing funding strategy executed together with the company’s US-based financial advisor Interlink Capital Strategies for up to USD 500m of new funding.
The funds will be allocated for the development of Restart Energy One’s proprietary 500 MW solar photovoltaic project pipeline, said the company. The Romanian energy supplier also aims to install and integrate at least 200 MWh of energy storage capacity into its renewable projects in order to provide grid services and balance its portfolio.
“The capital provided by US-based Tejas will be used to fund the company’s renewable energy infrastructure and growth in Romania, contributing to its previously announced target of becoming the first 100% green energy supplier in the region by 2025,” said Armand Domuța, CEO of Restart Energy.
“Tejas is looking at high-growth, independent companies with a proven capability to affect an immediate positive impact on our climate, and we found Restart Energy One to be one of the most promising opportunities in the Central Europe region with an ambitious growth plan and tremendous potential,” said Gary Hoskins, manager of Tejas.
“Not just Romania, but hopefully the region will benefit from combining Restart Energy One’s rapidly expanding customer base with high-in-demand, renewable power assets and their block-chain based innovative trading platform,” he added.
Restart Energy has operations in Romania and Serbia and, starting this year, it aims to develop on several other European markets, including Germany and Spain.
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