HELLENiQ ENERGY plans over €1 billion in Romanian renewables and storage by 2030

Bucharest launch

HELLENiQ ENERGY presented its investment programme for Romania at an event in Bucharest on Monday, 9 November, which also marked the official start of operations of its subsidiary, HELLENiQ Renewables Romania. Officials from the Romanian government and competent authorities attended, together with business and investment figures, institutions, partners and media representatives. The group plans investments of more than €1 billion by 2030 in solar, wind and battery storage projects, although one outlet put the figure at €1.3 billion. Romania is now the second most important market for the group's renewables activity after Greece. Romania's environment minister, Natalia Intotero, congratulated the company on the milestone and on its commitment to the country, saying the programme is expected to exceed €1 billion over the next four years.

Renewables portfolio

The Romanian portfolio already includes more than 800 MW of renewables and 500 MW of storage in operation, under construction or in advanced development. Four solar parks with a combined capacity of 211 MW are running, and a 96 MW wind park is expected to be completed in the second quarter of 2027. Deputy chief executive Giorgos Alexopoulos said that by 2030 Romania would account for 40% of the group's total installed capacity, based on a target of 1 GW of renewables and 0.5 GW of storage. Chief executive Andreas Siamisis put the country's importance in strategic terms.

“Romania is a strategic market for renewables for HELLENiQ ENERGY and a pillar of our long-term development plans in South-East Europe.”

Renewables1

Storage0.5

Renewables

1 GW

Storage

0.5 GW

Data from the article text

Fuel retail and pipelines

The group is also considering expansion into Romania's fuel market, with two routes under review. It could buy a local company that already has a presence in Romania, or set up a new company and build a distribution network from the start. No final decisions have been taken, as the fuel venture is at an early stage. HELLENiQ already sells petroleum products in Romania. It operates 99 EKO stations in Cyprus and, through EKO Bulgaria, runs the fourth-largest station chain in Bulgaria. The Vardax pipeline carries fuel from the Thessaloniki refinery to North Macedonia, and the next step is an extension to Serbia. The group sees no business case for a similar pipeline to Romania, or for restarting a refinery in North Macedonia through new investment.

Strategy beyond Romania

The group's overall investment plan has been raised to €5 billion from €3.5 billion, and a new strategic plan is expected to be presented in January. Potential organic investments in petroleum-related activities exceed €5 billion by 2032-2033. If all planned investments go ahead, exports could account for 70% of the group's activities by 2032. The Romanian targets sit inside this wider push, with renewables remaining one of the central pillars alongside hydrocarbons.

The company is still assessing acquisitions, using as its main test whether a deal can strengthen its operations and deliver satisfactory returns.