For investors

Because the market combines EU regulation, a 15-year CfD scheme financed with EUR 3 billion from the Modernisation Fund, strong solar and wind resources, rising electricity demand and a grid operator that connected 2,514 MW in the first eight months of 2026. Renewables covered 25.4% of gross final energy consumption in 2024, so the transition still has a long way to run.

Grid capacity and delivery. Since May 2026, capacity is allocated through Transelectrica procedures with a EUR 20,000/MW guarantee, and most CfD-awarded projects must reach commercial operation by 2028, which concentrates demand for EPC contractors and equipment. Price shape risk (negative midday hours) and regulatory change are the other two items we monitor continuously.

Projects are usually owned through a Romanian company and there are no sector-specific foreign ownership restrictions for generation assets. Agricultural land transactions follow the pre-emption procedure of Law 17/2014; many projects use long-term land rights rather than purchase.

They are 15-year two-way contracts awarded by the Ministry of Energy through competitive auctions. Round-2 (August 2025) solar averaged EUR 40.46/MWh and wind EUR 73.8/MWh; winners must reach commercial operation within 36 months. Storage is not covered.

Yes. A EUR 150 million Modernisation Fund call for standalone batteries is open from 1 September to 30 October 2026, with aid capped at EUR 69,000 per MWh and EUR 15 million per company.

Yes, and they are the main hedge outside the CfD scheme. Buyers increasingly ask for hourly matching evidence as CBAM reporting matures, and guarantees of origin underpin green supply claims.

It depends on the connection point, the works required and the outcome of the capacity allocation procedure. Since June 2026, allocation is area-based and competitive; projects in areas with transmission headroom carry less delay risk.

It is the open question of 2026-2028. Roughly 4.2 GW of awarded projects share similar delivery deadlines, and the shortage of internationally experienced EPC contractors is a recurring theme in lender and industry commentary. Projects with an experienced contractor under contract carry materially less delivery risk. Momentum Energy delivers EPC under its own ANRE certifications E1, E2 and A3 and can take a project from ready-to-build through commissioning and into operation.

The EBRD and the EIB are active, and the EBRD financed the first large merchant standalone battery in 2026, alongside Romanian and international commercial banks. The individual financings, with the banks involved, are covered in our analyses.

It varies with the vehicle and the project stage. Setting up a Romanian company is a matter of weeks; the timeline of a project is set by its grid and permitting status, which is why we verify those first.

Romania offers EU-regulated, euro-denominated revenue routes (CfD, PPA, merchant), EU funding and access to the EU internal market, with a different permitting, grid and land framework. Our Türkiye-Romania page sets out the comparison and how Turkish groups have made the move.