YEO and SEP Make a €65.8 Million Energy Investment in Romania
Foreks - YEO Technology accelerates renewable energy investments in Romania. With two solar power plant projects in Romania and working on new projects, YEO Technology has partnered with one of China’s leading energy groups, Shanghai Electric Power Co Ltd (SEP), for an investment in two solar power plants with a capacity of 129 MWp. A total investment of 65.8 million Euros will be made for the plants that will soon begin construction.
The Turkey-based global energy giant YEO Technology is strengthening its investment push in Romania. Believing in Romania's green energy transformation and potential, YEO Technology is adding new solar power plant investments through its subsidiary, Defic Globe. Already having two solar power plant investments in Romania, YEO Technology has agreed with Shanghai Electric Power Co Ltd (SEP) to expand its activities in this field and make new plant investments. A total investment of 65.8 million Euros will be made for the two plants that will soon commence construction in partnership with SEP.
Turnkey solar power project Last month, YEO Technology announced a partnership agreement with Shanghai Electric Power Co Ltd (SEP) to jointly develop two separate solar power investments under its subsidiary DEFIC Globe Enerji A.Ş. (Defic Globe) in Romania, in which it holds a 51% stake. Under this agreement, the investment for the two plants with a total of 129 MWp capacity in the Romanian subsidiaries will be co-executed with Shanghai Electric Power Co Ltd (SEP), which has a total installed capacity of 22,400 MWh by the end of 2023. The construction of the solar plants, including engineering services, high-voltage transformer stations, and installation of energy transmission lines, will also be carried out by YEO Technology. In this context, the Romanian Competition Authority's approval has been completed, and 75% of the shares in the subsidiaries have been transferred to SEP. The remaining 25% will remain with Defic, a YEO subsidiary, which can increase its share to 30%.
The first Turkish investment in the sector Defic Globe, a subsidiary of YEO Technology recognized for its global projects in renewable energy, completed its first solar power plant project in Romania last year. The Caracal Solar Power Plant, with a capacity of 18 MWp, began supplying energy to the grid last year. As Turkey’s first large-scale solar investment in Romania, the Caracal facility has an annual energy production capacity of approximately 26 GWh. Through the Caracal plant, YEO Technology contributes to a greener Romania by preventing the emission of 32,300 tons of carbon dioxide, equivalent to around 165 thousand trees.
Two more plant openings planned Defic Globe continued its investments without slowing down in 2024. Construction has begun on two separate solar power plants, with capacities of 14.1 MWp and 7.2 MWp, totaling 21.3 MWp. This investment is planned to become operational in the second quarter of 2025. The investment to be made in Bobicesti, Romania, targets an annual electricity production of 34,400 MWh and will be YEO's fifth solar energy investment abroad.
Joined RPIA, office opening planned While continuing its investments, YEO Technology has also become a member of the Romanian Photovoltaic Industry Association (RPIA), one of the country's most important renewable energy organizations. With its membership in RPIA, YEO Technology will contribute to Romania's renewable energy goals. Additionally, YEO Technology will open its office in Romania within this month.
Targeting 1 GW capacity Tolunay Yıldız, CEO of YEO Technology, stated their belief in Romania's clean energy vision, economy, and potential in the energy sector. He reminded the goal of achieving 1 GW capacity in renewable energy by 2030 on the global stage and said: “As YEO Technology, we are accelerating our steps to become a global player in different geographies around the world. We take pride in successfully completing over 400 projects in more than 30 countries across three continents. Our investments in Romania will significantly contribute to this goal. The investments in Romania will also help us lead Turkish enterprises. With our decarbonization, decentralization, and digitalization-focused efforts that we define as 3D, we will continue to grow under the slogan 'We believe it's possible' for a more livable world.”