Simtel opens a subsidiary in the Republic of Moldova

Simtel Team, a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange and a national leader in the construction of photovoltaic power plants on the rooftops, announces the opening of a subsidiary in Chisinau, Republic of Moldova, through the setting-up of a local company, named Simtel Solar, in which Simtel Team holds the entire stake.

The company decided to open a subsidiary in this country due to the international expansion strategy and increased demands from Simtel clients, who are also present in the Republic of Moldova market.

“The presence in the Republic of Moldova market was an important goal for us this year, considering the requests from our clients who also operate in this country. We are delighted to have taken this step as it is the first move in our company’s international expansion. In the coming period, we want to consolidate the team at the local level, which consists mainly of experienced subcontractors according to Simtel standards. At the project level, we already have orders placed and in execution for approximately 2 MWh, and we estimate another 2 MWh in the first half of next year. Thus, in addition to Romania, our objective is to support companies from the Republic of Moldova to reduce their energy consumption and become more efficient by developing photovoltaic power plants for them”, stated Sergiu Bazarciuc, co-founder and COO of Simtel Team, as well as the coordinator of the activity of Simtel in the Republic of Moldova.

Currently, the company’s activity in the Moldovan market is focused on the construction, maintenance, and operation of photovoltaic power plants for retailers on the roofs of their stores or warehouses. As for the materials used, some of the components of the systems, which correspond to Simtel standards, are purchased locally, and the rest are brought from the company’s inventories in Romania. The management of Simtel estimates that the demand for renewable energy solutions in the Republic of Moldova will be on an upward trend in the coming years. Therefore, companies with proven experience in building photovoltaic power plants, such as Simtel, will be the first option for implementing such projects.

In the last three years, Simtel has designed and installed over 70 MWh of photovoltaic power plants for companies active in various sectors, totaling over 200,000 photovoltaic panels. They produce more than 80,000 MWh annually and reduce carbon dioxide emissions in the atmosphere by approximately 60,000 tons. The photovoltaic parks that Simtel operates total over 200 MWh and produce 260,000 MWh of energy annually, corresponding to the consumption of 73,000 homes/families in a year, and reduce carbon emissions by approximately 350,000 tons per year.

In the first nine months of the year, the company recorded, at a consolidated level, a turnover of 68.3 million lei and a net profit of 3.5 million lei. The green energy division contributed the most significantly to turnover – 84%. During this period, Simtel’s client portfolio expanded with 56 new clients from diversified sectors. At the same time, in the first nine months of 2022, the company signed 68 new contracts, which target the installation of photovoltaic power plants, with a total installed power of approximately 56 MWh.

Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 1, 2021. Currently, the company has a market capitalization of approximately 203 million lei.