Modvin installed 30 MW of photovoltaic panels and 35 MW of battery energy storage systems last year and realised a turnover of €10 million. For this year the company expects turnover of up to 20-25 million euros, said Vincenzo Moderno, Modvin CEO.
“Last year we installed, roughly, 30 MW of photovoltaics, of which three-quarters on rooftops and the rest on the ground. This year we installed 35 MW of battery storage with technology brought from China. It’s a 17.5 MW power installation with 35 MWh for a very large company,” he said at the conference “Digitalization and Energy Efficiency – Timisoara”, organised by Energynomics.
Moderno added that the company has several plans in the pipeline, including taking part in several tenders, one of which is to install a 710 MW photovoltaic project, but the market is full of challenges. Last year, for example, was “quite complicated” because the firms started the investment out of their own funds, but now they need government support. A key problem is the blocking of green energy funds and the lack of access to this money for beneficiaries, which is putting pressure on the realisation of ongoing projects. Another problem is the lack of investment in electricity grids, which further hampers the development of new renewable energy projects.
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“There are several billion euros of funds blocked at the Ministry of Energy. There are a lot of projects in the pipeline, but the country’s electricity grids are limited and cannot take that much energy into the grid. A lot of investment in the networks is needed. The companies have submitted documentation to the government to receive the funds, with an ATR (Autorisation for Connection) valid for one year. There is a risk that the money will come late, and the firms in question have to find alternative ways of financing the projects, such as bank loans or making the investments with their own funds,” explained Moderno.
In this context, Modvin has decided to offer supplier loans with no interest and no down payment for various periods of time, so that companies can carry out their investments.
The conference “Digitalization and Energy Efficiency – Timisoara” was organised by Energynomics, with the support of its partners: ABB, BCR, CRC, Datacor, Elektra Renewable Support, MET Energy Romania, Nofar Energy, Polytrade Global, Volt, WALDEVAR Energy.