* * EBRD leading renewable energy revolution >> New 4 Energia plant in Latvia >> New projects agreed by WGBC and EBRD >> Poland hosts EBRD meeting >> Armenia to benefit from EBRD loan >> EBRD provides loan to Kobuleti >> New sewage systems brought to parts of Slovenia >> Businesswomen receive welcome boost in Croatia >> Big boost for Lithuanian e-communications market >> Regional Energy Market should be established in Baltic Region >> Czech government announces new efficiency programme >> Renewable energy hits Croatia >> EBRD investment ensures green future >> €11 million loan to provide clean water to Bosnia and Herzegovina >> Romania set for daily fines of €38,000 >> CIMC opens production plant in Poland >> Slovenia aim to reduce building’s energy usage by 30% by 2030 >> Mapei announces HUF 1bn (€3.2m) investment in Hungary >> Mátrai Erőmű opens HUF 6.5 bln. solar power plant >> Elektroprivreda Srbije (EPS) receives €200 million loan from EBRD >> Mátrai Erőmű opens HUF 6.5 bln. solar power plant >> Hungarian government, Grundfos signs strategic partnership agreement >> GVH greenlights Veolia’s purchase of GDF Suez’s plant >>Bulgaria opens new gas transmission pipeline >> EU gives Romania a due date to close and/or restore 109 landfills > Bulgaria Expects to Choose Builder of Gas Link to Romania > EIB extends backing to SME and mid-top undertakings through BS in Slovenia >WOOD-TEC 2015: 14th International Fair for Wood and Furniture Industry in Brno > Laesti raises more capital for Sauga sawmill in Pärnu, Estonia > Poland’s BZ WBK Lease gets loan of €50 million for sustainable energy projects >Bosch invests HUF 9.3 billion in plant expansion > EBRD increases backing for sustainable energy in the Slovak Republic > EBRD targets increased energy savings in Ukraine >> EBRD and EU aim to and develop the water and wastewater services in Romania’s Ilfov County >> Enea to purchase an additional wind farm in CEE >> UPB Energy to build a EUR 30 biomass energy plant in Latvia >> REC celebrates 25 years, embarks on route for the foreseeable future >> Low-carbon city forum focuses on green development >> WIL has many years of expertise in the tyre recycling business >>EBRD and EU look to improve Kazakhstan’s long term source of water >> REC celebrates 25 years, embarks on route for the foreseeable future >> WIL has many years of expertise in the tyre recycling business > RWE to expand wind power portfolio in Poland > Environment : EU Commission brings POLAND and SLOVENIA to The court for e-waste failings >EUR 35 mln will be invested in a Romanian eco-residential complex >> Brodosplit Shipyard in the Adriatic port of Split >> EBRD Transition Report 2013: Emerging economies can break through reform stagnation >> Finish company Fiskars thanks MOL for 350% increase in sales >> Ikea largest store in Poland is completed in Wrocław >> EBRD extends extra €15 million to Raiffeisenbank (Bulgaria) for energy efficiency projects >> Growth returns to Central Europe as eurozone exits recession >> EBRD considers financing first major wind farm in Kazakhstan >> Immochan plans to build shopping centers in CEE >> Swiss electric giant LEM opened a new high-tech factory in Bulgaria >>EBRD lends Rb 1.7 billion to UniCredit Leasing Russia for energy efficiency >> Water supply and wastewater treatment in mid-sized municipalities in Serbia funded >> EBRD strengthens drive for energy efficiency >> Agreements with close Kazakhstan , Agreements with Taiwan developing >> Taiwan working closer with the EBRD on investments in Central Eastern Europe to help find Partners >> EBRD and Ministry support small business in Russian Far East >> Germany building a lead in Ukraine >> Enel Green Power builds a new interconnected PV plant in Romania >> Joint IFI Action Plan for Growth prepares emerging Europe for “competitive and prosperous future” >> China and Poland now connected by new Cargo Train links >> Poland the best economic performer in Europe during the last 20 years >> Poland:luxury goods sales increasing in Poland >> IFIs on track to deliver on investments for growth in Central and South Eastern Europe >> EBRD hails success of St. Petersburg clean river project >> EBRD channels €15.5 million to support major biomass project in Ukraine >> E-Commerce giant investing in Poland >> EBRD co-finances expansion of PEPSA wind farms in Poland >> Is Emerging Europe becoming a “new safe haven”? >> Eastern Partnership transport ministers meet at EIB >> EIB continues to support the upgrading of Sofia’s municipal infrastructure >> EIB supports more efficient power generation and emissions reductions in Russia >>EBRD backs Russian oil-field services company’s Eurobond >> EBRD supports renewable energy project in southern Ukraine >> EBRD President seeks more Asian investment in EBRD region >>New Trade and Banking deals between China and Hungary >> Taiwan Taipei China and the EBRD >> China Invests more into Bulgaria >> EBRD steps up support for energy efficiency investments in Belarus >> Clean water for Romania’s Bihor county >> EBRD issues US$ 250 million “Green Bond” >> Water and wastewater modernisation in Dolj >> EBRD supports bottled water producer in Azerbaijan >> Report: The Waste Water Industry of Poland >> Hyundai looking to invest in Waste Treatment in Serbia >> EBRD invests in Russian IT outsourcing provider MAYKOR >> Joint investment with the Russian Direct Investment Fund and CapMan Russia II Fund >> €10 million loan for Albania’s Credins Bank >> Garbage Management Is a Problem in Russia >> Eastern Europe countries must invest in the economic upturn-GfK >> EBRD supports energy efficiency lending and trade >> Serbia’s economy reindustrialization strategy includes the development of IT >> Rompetrol wins US$1.1bn contract to modernise Kazakh refinery >> EBRD helps Ecoprod generate power from biogas >> The largest oil and gas mine in Poland launched >> Ukraine government approves Energy Strategy until 2030 >> Romania aims to raise €600m from Romgaz IPO in November 2013 >> Non-residents’ direct investment in Romania estimated at EUR 666 million >> EBRD helps Ecoprod generate power from biogas Ukrainian agribusiness firm turns waste into electricity >> US-based AECOM and South Korea’s Hyundai Engineering & Construction are interested in developing major Romanian infrastructure projects >> Energy efficiency investments to boost Podravka’s competitiveness >> Alstom was awarded a €100 million contract to supply 6 Francis turbine-generator units and auxiliaries in Albania >>> €190 million in loans for wood processor Kronospan Funding for facilities in Belarus and Russia to develop forestry sector >> EBRD boosts COSMOTE in Romania’s 4G race €225 million loan for better infrastructure in telecoms sector >> Improving the sustainability of SPAR Slovenija EBRD to provide to €40 million loan to support retailer’s development >> Germany will provide EUR 35 million in support for two energy projects of FYR Macedonian Power Plants >> New EBRD loan encourages Romanian SMEs to invest in energy efficiency €10 million to UniCredit Tiriac Bank to help the private sector cut energy bills >> EBRD finances water supply improvements in Yerevan €5.4 million to rehabilitate water supply infrastructure operated by Yerevan Djur CJSC >> EBRD 10-year loan for main city on Sakhalin island First major investment in decades for district heating system EBRD is driving energy efficiency in Moldovan households >> Romania passes law backing Nabucco gas pipeline project >> Hungary, Austria, Romania and Bulgaria back Nabucco West over TAP rival >> EDF plans €300m investment in Rybnik plant modernisation (Poland) >> Romania approves cut in green certificates and renewable incentives >> EBRD President Sir Suma Chakrabarti says corruption is deterring investment >> FYR Macedonia investment opportunities presented in Malaysia >> GE is Helping Europe to Improve Grid Efficiency, Enable Optimum Asset Management and Enhance Active Network Control >> 6 million Euro Albanian gas power plant will export 70 % of the plants production >> Serbia, Czech Republic start environmental protection cooperation >> An integrated biorefinery for processing crustacean shell waste into specialty and fine chemicals underway > Gasmet: Advanced Gas Detection Technology Supports Arctic Greenhouse Gas Research >> EBRD steps up support for Romanian SMEs >> EBRD supports Montenegro’s power grid upgrade, link to Italy >> EBRD energy efficiency funding for Russian homes >> Financing sustainable energy investments for Bulgarian business EBRD supporting energy efficiency in Slovak Republic >>> €10.3 million extra for Shymkent wastewater modernisation in Kazakhstan >>> Warsaw and Vienna exchanges discuss merging to create CEE share trading hub >>> Donor funding for environmental investments in Belarus >> EU-funded project will reduce electromagnetic field exposure by 50% >>Serbia's industrial production increases by 13% >> A snapshot of ICT in Serbia >> In the starting blocks >> Poland listed as one of Europe's windiest locations >>> AIR POLLUTION Warsaw Entry forbidden >>> Donor funding for environmental investments in Belarus >>> Chinese engage companies from Bosnia Herzegovina for Stanari power plant >>> EIB may lend $1.2 bln for Romanian projects in 2013 >>> EBRD contributes to safety of Ukraine’s nuclear power stations >>> EMS takes on eastern European auto supply busines >>> Taiwan, EBRD ink green investments pact >>> EIB supports modernisation of air traffic management infrastructure in Ukraine >>> EIB and EBRD to support completion of TES-Thermal Power Plant Sostanj project >>> EIB and BCR continue to support SMEs, midcaps and municipalities in Romania >>> EBRD President Chakrabarti visits Taipei >>> EBRD and partners explore next-generation biofuels >>> EBRD strengthens capital base of Siauliu bank >>> Bulgaria’s Biomashin attracts EBRD support 3 New Wind Farms For Romania >>> EBRD invests in Lithuanian port’s future as major hub >>> Biggest ever EIB loan in Slovenia: EUR 500 million for co-financing with EU Funds >>> EBRD adopts new Russia strategy for 2013-2015 >>> EBRD lends to Ukraine’s Coal Energy >>> EBRD boosts support for Belarus banking partner >>> EBRD channels safer drinking water to more of Tajikistan >>> Head of the EU Delegation: Serbia and EU to commence accession talks soon >>> New Joint IFI Action Plan for Growth in Central and South Eastern Europe >>> Poland to get new 53 MW wind farm in Kukinia: EBRD finances a new wind farm and supports the existing one in Tychowo EIB reinforces its support for upgrading Poland’s energy distribution network >>> EIB supports SMEs in Romania with EUR 45 million >>> Hungary: EIB continues to support smaller private companies with EUR 100 million >>> Leasings up in CEE >>> Romania has 750MW of wind farms in testing stage >>> Serbia's Energy Minister announced new incentive tariffs for the production of electricity from renewable energy sources Major new gas plant in Lithuania to replace lost nuclear power >>> EBRD funds Continental’s Russian tyre plant >>> The EU agreement on climate Polish law AAU emission units defended >>> STRABAG to build Europe’s most modern waste treatment plant in Ljubljana >>> EU greenhouse gases in 2011: more countries on track to meet Kyoto targets, emissions fall 2.5 % >>> Protected areas have increased to cover one fifth of Europe’s land >>> EBRD: world’s major waste - flaring gas - could be turned into profit >>> Valcea, Romania, to upgrade water and wastewater services with EBRD loan >>> EBRD directors visit Poland >>> EBRD to finance its first solar power project >>> EBRD unleashes energy efficiency potential of Ukraine’s district heating sector >>> New EBRD financing facility for residential energy efficiency projects in Moldova >>> Giving old tyres a new life >>> Serbia - RWE and EPS (Serbia) sign collaboration agreements >>> Two new hydropower plants in Albania >>> Poland - RAG (Austria) signs deal with GazSystem for gas storage in Poland >>> Poland - Enea signs EPC contract for 1,075 MW supercritical plant (Poland) >>> Ukraine - Ukraine starts construction of 750 kV transmission line >>> Ukraine - Ukraine receives €200m loan for 22 hydropower projects (980 MW) >>> Bosnia - RWE will develop 210 MW of run-of-river capacity in Bosnia >>> ... 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Wind is still the most popular clean source in Romania’s renewable sector
2012-05-04 00:00:00
Wind is still the most popular clean source in Romania’s renewable sector, recently climbing to 1,222 MW of installed capacity, but there is a window of opportunity for photo-voltaic this year, according to specialists who attended the third edition of Focus on Renewable, organized last week by BR.

At present, Romania is perceived as the country with the friendliest support scheme for renewable energy, according to Valeriu Binig, director of financial advisory services, energy & resources and corporate finance, at Deloitte consultancy. The prices of green certificates (GC) have a minimum limit of EUR 27 per GC in order to protect producers, while the ceiling is EUR 55 per GC to protect consumers. Solar power is granted six GC for every generated MW, biomass three, wind two, while small-hydro has been allotted one or two.

Green fever

The largest share of wind projects are located in Dobrogea (south Romania), totaling 1,100 MW, but the Moldova and Banat regions are also starting to attract investments according to Octavia Unguroiu, energy manager, market monitorization, at Transelectrica, the grid operator.

This April, 10,458 MW of wind capacities received grid connection contracts, while 9,416 MW received grid connection technical permits (ATR), although an additional 15,000 MW of installed wind capacities are at the solution study level, according to Unguroiu.  Meanwhile, photo-voltaic is trailing with 299 MW in contracts and 453 MW in ATR. “We have conducted project studies for 30,000 MW in wind and 6,000 MW in solar,” said Carmencita Constantin, director of the energy & environment division at the Institute of Energy Studies and Development (ISPE).

Worn-out system

Around 13, 500 MW of new installed capacities are needed in the energy system in the next 25 years, in order to replace the outdated ones, according to Constantin.

The system needs to be protected from instability when the wind stops blowing, warned Horea Harsan, executive director at ABB Romania, which provides power and automation technologies.

“The critical elements are the new generation capacities in sources like gas and hydro and new transportation lines,” said Harsan.

Transelectrica needs around EUR 500 million to boost the electricity transportation network, but developers could assist the grid operator in enhancing the infrastructure, which could also help advance the renewable energy market in a sustainable manner, according to specialists.

Adrian Borotea, corporate affairs director at CEZ, the utility firm, said the wind capacity in Romania could jump to 4,000 MW in the coming years, but transporting power output from Dobrogea poses a challenge, due to the concentration of wind projects there.

“In the ATR stage, investments in power lines and infrastructure should be demanded by developers,” said Borotea.

Czech utility CEZ will complete a 600 MW wind park located in Cogealac and Fantanele (in the Dobrogea area) this year, following an investment of around EUR 1.2 billion.

Legal turbulence

Law 220, which promotes the generation of electricity from renewable sources, was adopted in 2008, but the green certificate support scheme was only approved last November through Ordinance Number 88, which intensified activity in the green sector. However, Order Number 6 approved by ANRE, the energy regulator, which may cut the number of GCs in certain technologies, could send investors and banks back to the negotiation table.

“This order led to a freeze of transactions on the market and to mistrust in the legal predictability of Romania,” said Ionel David, public affairs manager at the Romanian Wind Energy Association.

Investors in the renewable sector should also be aware of overcompensation, when the Internal Return Rate (IRR), drawn up using the costs and revenue of producers and ANRE forecasts, exceeds 10 percent of the average rate for a certain technology, according to Cosmin Stavaru, partner at law firm Bulboaca & Asociatii. ANRE will conduct the first analysis this semester and if overcompensation is found it will suggest the government issues a decision to reduce GCs for a technology. This would impact capacities that start generation in 2013.

Silvia Vlasceanu, general director at the Association of Energy Utilities (ACUE), said that Order 88 should be accepted the way it is at present, although amendments have been put forward to the Chamber of Parliament to keep the support scheme in its current form through to 2016.

Despite the crisis, legislation has been passed at a slow rate, and most of the risks remain on the investors’ side, according to Lucian Boghiu, president of ENOL Group, a power supplier.

Nicolae Olariu, president at SUN-E, the association of energy efficiency and renewable energy sources, said around 10,000 hectares of marginal land has been identified across Romania, which could be used to develop renewable energy projects.

Back to finance

Investors willing to take out loans from banks should be ready to secure long-term Power Purchase Agreements (PPAs) and also receive green certificates in order to increase their chances of getting money from financial institutions, according to banking representatives.

Ioana Gherghiade, project finance director at BCR, said the renewable market has reached maturity and the lender is now contacted by final investors, whereas some years ago developers were the main actors. She said the contribution from the investor or sponsor is crucial.

“There is a minimum expectation of 30 percent contribution in wind and more in solar, due to legal risk,” said Gherghiade. Moreover, the sponsor has to pay for the technical and legal due diligence.

Gabriel Mihai, corporate director at UniCredit Leasing, said wind has been the star of implementation but 2012 represents a window of opportunity for solar. Mihai said environmental permits needed for renewable projects are sometimes obtained quite easily and projects from micro-hydro sources, biogas and biomass have started to emerge on the market.

Source: business-review.ro