Shikun & Binui Energy has secured a loan of EUR40.5 million (US$43.5 million) from Raiffeisen Bank International and its Romanian subsidiary for the construction of a 70 MW photovoltaic (PV) project in Romania. The solar farm is located in Satu Mare in the northwestern part of the country and is scheduled to be operational in the second quarter of 2024.
Shikun & Binui Energy has already hired a European engineering, procurement, and construction (EPC) contractor for the turnkey delivery of the solar array and the procurement of the main equipment is underway. The solar park will sell its output on Romania's electricity market or through power purchase agreements (PPAs) with electricity traders or suppliers.
This project marks Shikun & Binui Energy's first major investment in the Romanian and European markets. The construction of the solar park will contribute to the country's goal of increasing its share of renewable energy and reducing its carbon footprint. Romania aims to generate 30.7% of its energy from renewable sources by 2030 and has implemented various policies and regulations to achieve this goal, including the development of solar projects like the Satu Mare plant.
