Romanian energy company Nuclearelectrica signed a letter of intent on Thursday (7 September) with the Three Seas Initiative (3SI) Investment Fund to explore the possibility of a joint venture in renewable energy production in Romania.
Nuclearelectrica generates 33 per cent of Romania’s clean energy, with strategic investments that are estimated to increase this portfolio by 66 per cent by 2030.
To date, the Three Seas Initiative Investment Fund has made investments in two joint renewable energy companies (Enery Development and R.POWER) with significant development portfolios in Central and Eastern Europe, including Romania.
“Nuclearelectrica, by operating the high-performing Units 1 and 2 of Cernavoda NPP, is a strategic pillar for Romania’s energy security. By partnering with the Three Seas Initiative Investment Fund, to develop a Renewable Energy Production Joint Venture in Romania we are looking to expand even more our contribution to Romania’s energy security, energy independence and consumer protection,” said Cosmin Ghita, Chief Executive Officer at Nuclearelectrica.
The Fund is not permitted to make investments in the nuclear sector and any partnership with Nuclearelectrica would be in a separate ring-fenced entity focused on renewable energy assets, Nuclearelectrica said in a press release.
By 2030, Romania aims to reduce greenhouse gas emissions (GHG) by 55 per cent; reduce import dependency from 20.85 per cent to 17.8 per cent and phase out up to 4.59 gigawatt electrical (GWe) of coal-fired power by 2032 and replace it with clean energy sources.