Israel’s Nofar Energy intends to invest 500 million euro ($543 million) in the next two years to develop solar energy projects in Romania, company officials said.

Nofar Energy already has in its portfolio projects in Romania with a total capacity of over 600 MWp, which it will implement in the second part of 2023 and will deliver energy into the national system starting 2024-2025, company officials said, according to SeeNews.

“The necessary financing is available, and our shareholders are very open to investments in Romania,” Nofar Energy Romania CEO, Favi Stelian, said.

Separately, the company has funds ready for further acquisition and construction of new projects as well as land purchases.

Nofar also said it has acquired a 73MWp solar project in Romania’s southern county of Giurgiu. Located in Slobozia commune, the project will be ready to build in the first half of 2023 and its capacity might be extended to 130MWp.

Nofar entered the Romanian market in 2021 and soon afterwards it bought, together with its partner Ecoenergy, a 155 MWp photovoltaic project in Rațești, Arges county, for 98 million euro. In July, Nofar unveiled a 255 MW solar project built on 290 hectares of land in Southern Romania.