ENNA Solar d.o.o., a member of the Croatian group ENNA Grupa, has signed an agreement to acquire the Medgidia project in Romania. It comprises a solar plant with a planned capacity of 166 MWp (megawatt-peak) and a 612 MWh (megawatt-hour) storage system. The package combines photovoltaic generation and battery storage, a configuration that also concerns other South-East European markets. The solar segment is also drawing contracts elsewhere in Europe, such as the four contracts worth €225 million signed by GES for 12 solar plants in Aragon. The transaction value is not specified in the available information.

Acquisition of 100% of the project company's shares

The share purchase agreement sets out the terms for acquiring 100% of the shares in CIC GREEN ENERGY MEDGIDIA S.R.L., a Romanian special-purpose company. The entity is developing the solar plant and its battery energy storage system (BESS). The project is located in Medgidia, in Constanţa county, on a site of about 204 hectares.

According to ENNA, the battery system is intended to allow more flexible management of the electricity produced and to help stabilise the power system. Boštjan Napast, president of the management board of ENNA Grupa, describes Medgidia as a step in the group's expansion in the Romanian market and toward Central and Eastern Europe. He says the group remains open to renewable projects at an advanced development stage or ready for construction.

Timeline and closing conditions

Construction is scheduled to start in the first quarter of 2027. Commercial operation and delivery of electricity to the grid are expected in the first quarter of 2028. Annual output is estimated at 265,932 MWh.

Closing and the transfer of the shares to ENNA Solar depend on approval from the Romanian authority responsible for screening foreign direct investment. Competition authorities in the relevant jurisdictions must also give their approval. These approvals have yet to be obtained.

Medgidia extends ENNA Grupa's investments in Romania, where ENNA Solar has already taken over the Mihăilești solar project, with a capacity of 87.52 MWp. According to the company, that project is at an advanced stage of construction. A 140 MWh storage system is planned there, with commercial operation expected in April 2027.