* * 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 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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 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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 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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