“Some of the beneficiaries said they will give up EU funding, while others want to return the money and stay in the green certificate system,” said Dana Duica, executive director of Romanian association for wind energy (AREE), referring to recent amendments to the renewable energy law, which prevent the cumulus of EU funding with the green certificate aid scheme for renewable energy projects.
Companies willing to give up on EU funds include Romconstruct and Elektrainvest.
Mircea Cotosman, environment adviser within the Economy Ministry, said the EU funds left unused by these companies will cofinance other energy projects.
“It is their option to give up these funds, we will use the money on the energy segment, for other projects,” he said.
Companies investing in the production of renewable energy receive state aid in the form of green certificates, which are granted for the energy produced. Thus, one investor obtains revenue from selling the energy, as well as from selling the green certificates to electricity suppliers, which are forced to buy them under a yearly quota.
The price of one green certificate, established by law, ranges from EUR27 to EUR55. Renewable energy projects have a return of 10%.
At the end of 2010, Romania had a total capacity of 462 MW in wind farms. By the end of this year, said capacity should reach 1,000 MW, and it is expected to double next year.