Agrovoltaics, a Restart Energy Group company, announced it signed a connection contract with the grid operator Transelectrica worth RON 56mn (EUR 1.1mn) as an important step in the development of a photovoltaic park with an installed capacity of 500 MW to be located in Șimand, in Arad county.

The Restart Energy management expects construction to start in the second quarter of 2025 and complete the project by the end of 2026.

The photovoltaic park would be the second largest in Romania and will be financed by US Exim Bank through the American fund Interlink Capital Strategies in Washington DC, Restart Energy said.

“Restart Energy has received a letter of interest from US Exim Bank for the USD 380 million financing of the project,” the company’s release reads.

The PV park will produce over 800,000 MWh annually and will help reduce carbon emissions by approximately 400,000 tonnes per year.