“Two of the challenges facing renewable project developers in Romania are the lack of synchronization of the permitting process and grid access and connection capacity, both of which can delay projects. The existing transmission infrastructure was not designed for distributed generation from renewable sources, creating bottlenecks that can delay project implementation,” Lăcrămioara Diaconu-Pințea, Country Manager, OX2 România told The Diplomat-Bucharest.
“Romania has huge potential when it comes to renewable energy sources. Important steps have been taken to leverage this potential, but the pace is still not fast enough for Romania to achieve its targets in this area. According to European Commission officials in Romania, the share of renewable energy in the country’s electricity production has stagnated in recent years, and additional measures are needed to reach the forecast levels.”
OX2 is transitioning from a pure developer to an integrated renewable energy company. What does this mean in practical terms, especially for the Romanian market?
I would mention from the very beginning that OX2 is market leader in the European onshore wind sector. It developed and sold more onshore wind power in Europe than any other developer. OX2 has 20+ years track record of developing and operating renewable assets across Europe and Australia and now it is evolving its business model into a hybrid IPP together with EQT, meaning certain projects will no longer be sold. Last fall, EQT acquired nearly 100% of OX2 due to its growth prospects. EQT is one of the top three private equity funds globally.
OX2 spans all lifecycle stages: land acquisition, permitting, development, financing, PPAs, construction, asset management, and eventual divestment. At Group level, we have a long history of seamless PPA delivery, signing the first ever European PPA in 2013 with Google & Allianz.
OX2 is leveraging its integrated development model in Romania and projects like Green Breeze showcase this integrated business model. OX2 sold the asset, a 99MW wind project in Galati County, but retained construction and operational management under a 12‑year PPA—realizing early financing and ongoing revenue streams.
I would say this is a step forward for the renewable market in Romania. We sell turn key projects, not megawatts. Our projects are ready for investor takeover and have everything secured, including the PPA and bank financing. Since entering the Romanian energy market at the beginning of 2021, OX2 Romania has become a leading company with continued portfolio growth and a 15% market share (related to projects in construction) at the end of 2024.
OX2 has a local development pipeline of over 1GW. Could you break this down in terms of technology (wind, solar, storage) and development stages?
In Romania we have a technology mix and we doubled the portfolio of projects year on year to reach 1,111 MW this summer. Wind onshore is the main technology complemented with Solar and BESS. Two wind projects totalling 195 MW are in construction or soon to start construction. 766 MW onshore wind projects and 150 MW Solar and BESS are currently in development.
What’s the timeline for bringing the first large-scale OX2 projects in Romania online?
We have the so-called twin projects in Galati County. The construction works started on the 99MW Green Breeze wind park in November 2024, soon after the project was sold to Nala Renewables. According to the agreement, OX2 will further build and operate the wind park for Nala Renewables. Commissioning is expected in the first part of 2026. OX2 will soon break ground for a 96MW wind farm and we expect to finalize it in the first half of 2027.
How would you describe the permitting and grid connection process in Romania right now?
I have to be honest here and say that better coordination of investments throughout the entire process, from green project implementation to storage and transport solutions, is necessary. Two of the challenges facing renewable project developers in Romania are the lack of synchronization of the permitting process and grid access and connection capacity, both of which can delay projects. The existing transmission infrastructure was not designed for distributed generation from renewable sources, creating bottlenecks that can delay project implementation.
At the same time, there must be continuous dialogue between the private sector and authorities. We’re addressing this by maintaining open dialogue with regulatory authorities and participating actively in industry associations to advocate for stable, supportive policies that enable renewable energy growth.
How do you evaluate the current investment climate for renewable energy in Romania?
As I have always said: Romania has huge potential when it comes to renewable energy sources. Important steps have been taken to leverage this potential, but the pace is still not fast enough for Romania to achieve its targets in this area. According to European Commission officials in Romania, the share of renewable energy in the country’s electricity production has stagnated in recent years, and additional measures are needed to reach the forecast levels.
We are seeing engagement from local, regional, and international strategic investors, whose interest is likely to increase once Romania joins the OECD, with the use of renewable energy being one of the criteria for accession. I am certain that Romania’s accession to the OECD can influence investment decisions. EU funding is also providing an important incentive for accelerating renewable development.
The outlook for the period ahead remains optimistic. This is due to increasing technological efficiency, growing demand for green energy from industrial consumers, and a favourable regulatory framework at the European level. The maturing corporate PPA market is also important because it offers developers more predictability and options for monetizing projects.
Does OX2 plan to invest in energy storage or hybrid renewable projects in Romania?
As mentioned, as part of a very dynamic and strong group, we’ve been able to leverage global expertise while adapting to local conditions. This has allowed us to optimize our project development processes in advancing our portfolio. OX2’s strategy in Romania is to grow and diversify renewable energy technologies – wind, photovoltaic, storage and hydrogen. For now, wind onshore is the main technology complemented with Solar and BESS
What is your outlook for the renewable energy market in Romania over the next 5–10 years?
In Romania, the renewable energy market has reopened to new projects in the last two years after being frozen for almost a decade. The opportunities are great, as are expectations.
Romania’s goal is to increase the share of renewable energy sources (RES) in gross final energy consumption to at least 38.3% by 2030. Projections indicate that the share of RES will reach 31.0% by 2025. These targets will be met primarily by increasing the capacity for wind and solar energy production and by using heat pump technologies for heating and cooling. This target is more ambitious than the previous version of the PNIESC, in which Romania committed to only 36.2%. To reach this goal, renewable energy production capacity must increase from 11.7 GW to 22.7 GW by 2030, including solar, wind, biomass, and hydro technologies.
What’s the biggest risk—and the biggest opportunity—you see in the Romanian energy sector today?
The biggest risk is the continuously evolving regulatory framework that create uncertainty for long-term investment planning. The biggest opportunity: Romania’s huge potential when it comes to renewable energy sources, backed by one the shortest period of permitting in Europe.
If you could change one thing to accelerate renewable deployment in Romania, what would it be?
As I’ve mentioned, this sector needs better coordination of investments throughout the entire process, from green project implementation to storage and transport solutions. I would change whatever is necessary to achieve that.
