In a decisive move to accelerate Romania’s green energy transition, YEO Group, through its subsidiary Defic Globe SRL, has entered into a landmark joint venture investment with Shanghai Electric Power & Energy Development Ltd. This strategic partnership highlights YEO Group’s strong commitment to expanding its renewable energy portfolio across Eastern Europe, fueling sustainable growth and innovation in the sector.
YEO Teknoloji, which has two solar power plant projects in Romania and is working on new projects, has reached an agreement with Shanghai Electric Power Co Ltd (SEP), one of China’s leading energy groups, for the investment of two solar power plants with a capacity of 129 MWp. An investment of 65.8 million euros will be made for the plants, which will start construction soon.
Development and EPC for the 129 MW project
The joint venture was formalized at an exclusive signing ceremony, with Defic Globe securing a key contract for the development and EPC of a 129 MW solar power project. Last month, YEO Teknoloji announced that it had signed a partnership agreement with Shanghai Electric Power Co Ltd (SEP) to jointly invest in two separate solar power plants within the Romanian subsidiaries of DEFİC Globe Enerji A.Ş. (Defic Globe), of which it owns 51% of the shares. In this context, the approval of the Romanian Competition Authority was completed and 75% of the shares of the subsidiaries were transferred to SEP. 25% of the shares of the subsidiaries will remain with Defic, a YEO subsidiary, and it will be able to increase its shares to 30%.
The project will encompass the construction of photovoltaic (PV) facilities, state-of-the-art transformer substations, internal electrical networks, and essential grid connections, paving the way for a cleaner, greener energy landscape in Romania.
The Caracal solar power plant in operation
Defic Globe, a subsidiary of YEO Teknoloji, known for its global renewable energy projects, completed its first solar power plant project in Romania last year. The Caracal Solar Power Plant (SPP), with a capacity of 18 MWp, began providing energy to the grid last year. The Caracal plant, Romania’s first large-scale SPP investment centered in Turkey, has an annual energy production capacity of approximately 26 GWh. YEO Teknoloji contributes to the goal of a greener Romania by preventing 32,300 tons of carbon dioxide emissions, equivalent to approximately 165 thousand trees, through the Caracal plant.
Defic Globe continued its investments without slowing down in 2024. Construction of three separate solar power plants (SPP) with a total capacity of 21.3 MWp, 14.1 MWp and 7.2 MWp, has begun. The investment is planned to be operational in the second quarter of 2025. The investment, which will be built in Bobicești, Romania and is YEO’s 5th energy solar power plant abroad, aims to produce 34,400 MWh of electricity per year.
Target 1+1 GW capacity
YEO Teknoloji CEO Tolunay Yıldız said the company is accelerating towards becoming a global player in different geographies of the world and reminded that it aims for a 1 GW Renewable Energy + 1 GW Storage capacity in the global arena by 2030 in renewable energy. “We are proud to have successfully completed more than 400 projects in 3 continents and more than 30 countries. Our investments in Romania will also contribute greatly to this goal. The Romanian investment will also help us lead Turkish initiatives”, he added.