Romania’s TeraPlast SA has signed a RON 5.5 million ($1.2 million) financing contract to partly fund the development of a 4.56 MWp solar plant.

The non-refundable financing comes from Romania’s National Recovery and Resilience Plan through its Ministry of Energy. The project has a total value of more than RON 22.5 million.

The PV plant, located within the Industrial Park of Sărătel in northern Romania, will consist of more than 8,000 monocrystalline solar panels installed on an on-grid structure, without injection into the network, alongside the integration of a 920 kW storage facility. Work is expected to be completed by June of this year.

TeraPlast said it will prioritize external purchases of energy from renewable sources.

“Due to the specifics of our activity, we have an appreciable consumption of electricity, and the provision of a substantial part from internally developed renewable sources helps us in our sustained effort to decarbonize and apply sustainable, environmentally friendly solutions,” said Nicolae Roșu, the company’s operational director.

Earlier this month, the European Commission approved a €3 billion ($3.27 billion) aid scheme to support onshore wind and solar installations in Romania. The country hit 2.9 GW of solar capacity at the end of 2023.