The money will be used for the construction of the solar park that will be functional in the first quarter of 2022.
“We are happy to be able to move forward in the development of a renewable asset that produces clean, green energy from the sun. Construction is scheduled to begin this year, in spring and we hope that the first green KWh produced by the sun will enter the grid latest in the first quarter of 2022. For the next period, Restart Energy will focus on producing sustainable electric energy using solar energy”, said Armand Domuta, CEO and founder of Restart Energy.
The Sarmasag project was purchased at the “brownfield” stage from a team of developers with experience in green energy parks. Through this project, Restart aims to create 100 jobs during construction and 15 permanent jobs during operation.
The 50 MW project is the first step in Restart Energy’s development strategy, aiming to integrate the upstream segment of the company involving green energy projects of 500 MW until the end of 2025. Restart Energy aims to buy or develop 100 MW projects in the next ten years. The projects will entail investments estimated at $100 million per year, in the fields of solar energy, wind energy, bio-gas, biomass, and geothermal energy.
The Sarmasag park will generate an annual energy production of 55 million KWh, which is enough to supply 30.000 households with green energy. The project will help prevent the release of 1,23 million tons of CO2 during its operational lifetime of 25 years.
Restart Energy had a turnover of RON180 million in 2021 and for 2022, it plans to increase its turnover to RON300 million and its net profit to RON50 million.
In January 2021, Restart Energy signed a partnership with the American Investment Fund Interlink Capital Strategies in Washington DC for financing 500 MW renewable projects in Romania until 2025, for the distribution of local green energy to all end customers.
In February 2021, Restart Energy successfully concluded its first bond issue dedicated to developing and acquiring renewable energy production assets in Romania, attracting RON16.3 million. The offer was oversubscribed, underlining investors’ high interest in the company and the green energy segment.
In September 2021, following a four-year development, Restart Energy launched another unique worldwide project, called the RED platform, based on owned certification blockchain technology for both carbon print, as well as CO2 avoided to be eliminated in the atmosphere.
In 2022, Restart Energy targets the completion of works on the 50 MW project worth EUR40 million, obtaining planning permission for further 500 MW, and the implementation of solar PV projects for industrial customers worth EUR20 million.