Restart Energy, one of the largest independent suppliers of electricity and natural gas in Romania, entered into a joint venture with Washington-based Interlink Capital Strategies to develop 500 million US dollars (411 million euros) in green energy in Romania and neighbouring countries as well as to expand into the US market with an innovative blockchain electricity trading platform.
The investment for Romania will finance the acquisition and development plans of 500 megawatts (MW) of renewable energy projects by the end of 2025. Restart Energy plans to acquire and develop 100 MW of solar, wind, biogas, biomass and geothermal energy projects per year, seeking annual investments of approximately 100 million US dollars. Interlink will act as a strategic advisor to arrange fundings for these projects.
“This partnership will provide access to US capital and accelerate Restart Energy’s goal of providing 1 billion KWh [kilowatts-hour] of clean and affordable renewable energy for 300,000 consumers in Romania and Europe by 2025,” Armand Domuţa, CEO and founder of Restart Energy highlighted.
The partnership will help Restart Energy to reduce its carbon footprint with 750 million kilograms of CO2 per year and in the same time to become the first fully sustainable energy supplier in Romania delivering 100 per cent locally produced green energy to its customers by 2025.
“At the same time, it will allow Restart Energy to enter the US market with its innovative blockchain platform, where we will have access to a mature and technology-oriented market,” said the CEO of Restart Energy.
In the framework of the partnership, the two companies are launching together the US the Restart Energy Democracy (RED) platform, an online energy trading platform based on blockchain technology. The platform facilitates peer to peer transfers between energy producers and final consumers, the launch of a fully digital energy business franchise and carbon credits system for renewable energy production and consumption. In Romania, Restart Energy launched the RED Platform in 2019, achieving the highest customer base of 30,000 household customers and 5,000 corporate customers.
“Restart Energy is an innovative company at the forefront of combining renewable energy supply and marketing through technology, vision and purpose, making renewable energy more available and accessible to all,” said Alan Beard, Interlink’s Managing Director.
Interlink believes that the RED business model will bring to the US a new and improved approach to how renewable energy is financed, produced and consumed that will improve access to renewable energy.
In Europe, Restart Energy is present in the Romanian and Serbian markets, with the intention to expand this year in Germany and Spain, which is perceived by Interlink as a great potential to develop additional renewable energy assets.