Romanian energy group Electrica and state-owned gas producer Romgaz signed a memorandum of understanding on Tuesday, September 9, to jointly develop up to 400 megawatts of renewable energy production and storage capacity, the companies announced in a report to the Bucharest Stock Exchange.

The agreement, signed in the presence of energy minister Bogdan Ivan, foresees exclusively greenfield projects and will be implemented through a new investment vehicle, with Electrica acting as the main developer and Romgaz as a minority strategic partner.

Electrica CEO Alexandru-Aurelian Chiriță said the partnership was a “defining moment” in the company’s 2030 strategy, which targets 1 gigawatt of renewable capacity and 900 megawatt-hours of storage by the end of the decade. He noted that the company had already secured EUR 500 million through a green bond issue earlier this year and EUR 200 million in financing from the European Investment Bank.

“We are combining financial strength with technical expertise to develop together with Romgaz 400MW of green capacity, which will directly contribute to the national renewable energy target by 2030,” Chiriță said.

In his turn, Romgaz CEO Răzvan Popescu described the deal as an important step in the company’s diversification strategy, underlining its commitment to clean energy and Romania’s energy security.

The memorandum comes as Romania seeks to accelerate its energy transition and expand renewable output in line with EU decarbonisation goals. Final investment decisions will depend on due diligence and corporate approvals.