Investors in the renewable energy sector are under pressure due to rising capital costs, said Lăcrămioara Diaconu-Pințea, Country Manager at OX2 Romania, at the conference “2024: A defining year for the renewable energy sector in Romania”.

Some of them are moving into other areas that are perceived as less risky.  The absence of genuine competition in the market for turbine manufacture continues to have an impact on the renewable industry along the value chain, according to Lăcrămioara Diaconu-Pinţea.

OX2 entered the Romanian market in 2021 and acquired wind projects totaling 570 MW in two years. “All of these projects have grid connection permits (ATR) and two of them are close to final investment decision. In Romania we want to grow organically, not just through acquisitions. However, in line with the global and local dynamics, we see some problems in the approval process,” said Pințea.

In Europe and Australia, the company has installed projects with a combined capacity of 500 MW and has plans for 1.5 GW projects, mainly in wind. Globally, the company manages a portfolio of 47 GW, of which 36 GW are in development and the remainder are in the construction and operational stages.

OX2’s business model is not limited to project permitting and construction, but also includes downstream operations. However, despite organic growth intentions, the company faces challenges in the local permitting process, especially in obtaining aviation permits, which can delay projects. In addition, the need to connect and synchronize all necessary permits is a priority to ensure efficient implementation of renewable energy projects.

The conference “2024: A defining year for the renewable energy sector in Romania” was organized by Energynomics with the support of our partners: ADC, Alive Capital, CRC Energy, Elektra Renewable Support, EnergoPower, Ensys, Extro, Horváth, ING Bank, LONGi Solar, Monsson Operation, Nofar Energy, OX2 România, Photomate, PNE Romania, Polytrade Global, REI Grup, Renomia, Sph3ra Management Solutions, Transelectrica, WALDEVAR Energy, Wiren Romania. On this occasion, Energynomics launched its first report under the initiative “Monitor of the Romanian Photovoltaic Projects”.