Portland Trust announces the sell-off of the largest photovoltaic park in Romania

Portland Trust, the first developer in Romania to anticipate the impact of green energy, initiating in 2018 the largest photovoltaic park at the time, announces the transaction of a new photovoltaic project that by its scale becomes the largest project of its kind in Romania, with a total surface of 290 hectares. The project developed by Portland Trust was acquired by Nofar Energy, a global leader in renewable energy investments.

The photovoltaic park developed by Portland Trust at Corbii Mari, in Dâmbovița county, has an installed capacity of 255 MW, a significant upscale from the park developed in Rătești, the first in Portland Trust’s portfolio, which has a capacity of 153 MW and a total surface of 165 hectares, demonstrating the developer’s expertise in managing increasingly large projects in the photovoltaic segment.

The Corbii Mari project was approved in 2023 and from 2024 will inject approximately 362 GWh per year of renewable energy into the national grid. This project will be able to supply energy for around 160,000 households and will reduce the carbon footprint by over 200,000 tones, making it an extremely important pillar of Romania’s strategy to reduce carbon emissions and secure green energy production, which is expected to reach 30% of total domestic production by 2030.

“Portland Trust and has diversified its portfolio with large-scale projects in the green energy segment. This new stage in the consolidation of our portfolio in Romania has allowed us to develop the largest photovoltaic park in Romania in record time. This transaction gives us the confidence to explore this segment in the future and to embark on even more ambitious projects. After more than 25 years of presence on the Romanian market, we are happy that through the projects we are targeting, we are supporting the national decarbonization strategy. The year 2023 marked the acceleration of renewable energy projects in our portfolio, and the transaction of the two projects at Corbii Mari and Rătești underlines that we are one of the few developers who have managed plans on such a large scale,” says Florin Furdui, Country Manager Portland Trust Romania.

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The acceleration of renewable energy projects reflects Portland Trust’s experience in the Romanian renewable energy market as well as its ability to manage projects in a fast and agile way, coming with a team with a high level of expertise and efficient processes, from fast-track approvals to the execution side. And this is a strong guarantor in a market that in recent years has also been populated by numerous speculative projects that have never been completed as well as legislative changes.

In total, the projects developed by Portland Trust by this year will produce 444,000 MWh/year of renewable energy, enough to power more than 265,000 households – the equivalent of a city like Cluj or Timisoara – offering an eco-friendly alternative to traditional energy sources.

Nofar is a world leader in renewable energy investments. As of 2020, Nofar is a publicly traded company (TASE: NOFR). Over the past 12 years, Nofar has grown rapidly and steadily, with an extensive portfolio of projects and subsidiaries in 9 territories, 200 employees worldwide and major renewable energy and energy storage projects.

“We are pleased to have completed another outstanding transaction with Nofar Energy, our long-term partner who shares our common vision for a better, greener future powered by clean energy.  Our efforts to support Romania’s decarbonization strategy are shared by the Nofar Energy Romania team, led by Favi Stelian, and our strategy to invest in a better future for us all.  We are grateful to have such partners along our journey, who will make a real impact in creating a cleaner environment for future generations,“ said Florin Furdui, Country Manager Portland Trust.