Israel's Nofar Energy is looking to develop or acquire wind and solar projects in Romania where it plans to invest over 300 million euro ($316 million) in the following two years, it said on Tuesday.

The company aims to reach 1GW capacity of renewable energy source (RES) projects in Romania by the end of 2022, both organically and through acquisitions, it said in a press release.

"We have the necessary financial resources, and our shareholders are very open to investments in Romania", Nofar Energy Romania CEO Favi Stelian said.

Nofar also announced that it recently signed a 130 million euro deal for a 169 MWp photovoltaic project in Iepuresti, Giurgiu county, which will be ready to be built in the first half of 2023. The project will most likely be extended to 400 MWp, depending on the technical conditions of the national power grid.

"This is probably the largest investment in renewable energy near Bucharest and in Romania," Favi Stelian said, adding that Nofar will continue to operate all power plants after the construction of the projects in its portfolio.

Nofar entered the Romanian market in 2021 and soon afterwards it bought a 155 MWp photovoltaic project in Ratesti, Arges county, together with its partner, Ecoenergy, for 98 million euro.

Founded in 2011, Nofar Energy is listed on the Tel Aviv Stock Exchange. It is specialised in the development, operation and maintenance of photovoltaic plants and wind farms.

The company’s activities include ground-mounted solar projects, floating solar projects on water reservoirs, rooftop solar projects, and electricity storage projects, according to its website