Romania's Ministry of Energy has revealed the results of the country's first renewable energy auction under a contracts-for-difference (CfD) scheme.

The ministry allocated a total of 1,528 MW of renewable energy capacity through the auction, of which 432 of solar and 1,096 of wind power. It had originally reviewed project proposals for 1,196 MW for wind and 1,615 MW for PV.

“We had a significant number of participants, and the resulting prices are very competitive, 20% to 30% below the maximum prices,” said the Romanian energy minister, Sebastian Burduja. “All our expectations regarding the success of this first auction were exceeded, which confirms the confidence that investors have in Romania and the future of our energy system.”

The auction concluded with an average price of €0.051/kWh for PV and €0.065 for wind. The highest and the lowest bid for PV were €0.045/kWh and €0.54/kWh, respectively, while for wind projects were €0.077/kWh and €0.54/kWh.

Project sizes range from 5 MW to 200 MW.

The government had set a maximum strike price of €91/MWh for solar projects and €93/MWh for wind projects in the auction. The selected projects will be given 15-year CfD agreements.

The auction is part of a renewable energy procurement scheme aimed at allocating 5 GW of wind and solar capacity.