Portland Trust’s Development Plans in Romania’s Renewable Energy Sector
The projects in the developer’s portfolio will produce 444,000 MWh/year of renewable energy, enough to power around 275,000 households, the equivalent of a city like Cluj or two sectors of Bucharest.
Portland Trust was the first developer to anticipate the financial sustainability and high yield of solar panels, initiating in 2018 the largest photovoltaic park developed in Romania to that date – the park at Ratesti, Arges County, with a power of 153 MW and an area of 165 hectares. As the first large-scale project of the second wave of green energy in Romania, it received approval for grid connection in 2019 and from 2023 will inject 160,000 MWh/year into the national grid. The Ratesti park demonstrates Portland Trust’s ability to carry out very large-scale projects that contribute to the national and European decarbonisation objectives.
This project will be able to provide energy for 100,000 households and will reduce the carbon footprint by 168,000 tonnes, making a significant contribution to Romania’s strategy to reduce carbon emissions and secure green energy production, which must contribute with 30% of the total domestic energy production by 2030, according to commitments made by our country and submitted to the EU under the Europe 2030 initiative.
“Diversifying our portfolio in the green energy segment represents a new stage of maturity for Portland Trust 25 years after entering Romania, and with the successful development of the Ratesti project, we have taken the first step towards expanding our presence in the renewable energy sector. Thus, 2023 will mark the acceleration of PV projects in our portfolio. With the Ratesti project, we have demonstrated that we are one of the few developers who have successfully managed such a large-scale project.
The PV projects not only reflect our experience in the Romanian market, but also our ability to manage large-scale projects in an agile and efficient way. We have the capacity to achieve this thanks to our highly experienced team and our efficient processes, from fast-track approvals to the execution side. And this is a strong guarantee in a market that, in recent years, has been artificially crowded with many speculative projects, valid only on paper, that will never be completed. We currently have other projects under development and are open to discuss potential partnerships and projects with both investors and landowners,” says Florin Furdui, Country Manager Portland Trust Romania.
In total, the projects developed by Portland Trust by this year will produce 444,000 MWh/year of renewable energy, enough to power around 275,000 households, equivalent to a city like Cluj or two sectors of Bucharest, offering a clean alternative to traditional energy sources.
“We believe our expansion into renewable energy shows our commitment to sustainability and aligns with the global trend towards green energy. We are excited about our future in this sector and are eager to explore new opportunities to contribute to a greener future. As with all our real estate projects developed during our 25 years of activity, we are a solid and reliable partner for large-scale energy projects that can have a positive impact on Romania’s energy independence,” adds Florin Furdui.
About Portland Trust
Portland Trust has been an active developer in Romania and Czech Republic for nearly 25 years. It focuses on the development of efficient commercial buildings using the latest technology and local materials where possible. Portland has completed over 850,000 sqm of new space primarily in the office, light industrial, retail and more recently green energy sectors.