The project was acquired at “brownfield” stage from a team of developers with experience in the field of green energy parks, and the money will be invested in the construction of the park which is expected to be put into operation in the first quarter of 2022.
“Construction works are expected to start in the second quarter of 2021 and we are hoping the first green kilowatt-hours (kWh) produced by the sun will be introduced in the power grid in the first quarter of 2022 at the latest,” says Armand Domuța, CEO and founder of Restart Energy.
The project will be financed from own sources, private equity funds and banks. The company was assisted by law firm Bondoc și Asociatii throughout the transaction.
In January 2021, Restart Energy entered a joint venture with Interlink Capital Strategies, a U.S.-based financial consulting and fund management firm, to develop $500 million worth of energy projects in Romania and neighboring countries. The joint-venture also plans to launch in the USA the Restart Energy Democracy (RED) platform – an online energy trading platform based on blockchain technology that allows peer to peer transfers between energy producers and final consumers. The RED Platform was launched in 2019 in Romania.
Restart Energy ended 2020 with a turnover of RON120 million and a net profit of RON13 million. For 2021, the company targets revenue of RON220 million and a net profit of RON24.2 million.
Restart Energy obtained financing of RON16.3 million following an Offer of green bonds carried out between January 20 and February 3, oversubscribed and closed early, after the first ten days since launch.