ENNA Solar targets 166 MW solar and 612 MWh battery project in Romania’s Constanța County

Croatian energy and logistics investor ENNA Group has announced an agreement to acquire a Romanian solar and battery storage development comprising 166 MWp of photovoltaic capacity and 612 MWh of energy storage, expanding its renewable energy interests in southeastern Europe. The transaction, announced on October 23, 2026, will be undertaken through ENNA Solar d.o.o., which has signed a share purchase agreement to acquire the entire equity interest in CIC GREEN ENERGY MEDGIDIA S.R.L., the Romanian project company holding development rights for the Medgidia facility. Construction is scheduled to begin in the first quarter of 2027, with commercial electricity generation expected in the first quarter of 2028. The acquisition remains subject to Romanian foreign direct investment screening and applicable competition approvals, while the purchase consideration and proposed battery power rating have not been disclosed.

The Medgidia development is located in Constanța County and covers approximately 204 hectares of land. Once operational, the solar facility is expected to generate 265,932 MWh of electricity annually, supported by a battery installation intended to improve the flexibility of electricity delivery. The agreement represents ENNA Group’s second major Romanian solar-plus-storage investment following its acquisition of the Mihăilești project, signalling a broader strategy to build renewable energy operations across Central and Eastern Europe.

Why is ENNA Solar expanding its Romanian renewable portfolio with a 166 MWp photovoltaic and 612 MWh battery project?

The acquisition reflects increasing interest in renewable electricity projects that combine generation capacity with the ability to manage when electricity is delivered. Romania offers opportunities for renewable development as the country seeks to modernise electricity infrastructure, diversify generation and integrate additional wind and solar capacity. However, the economic attractiveness of new solar projects increasingly depends on grid availability, market access and the relationship between renewable output and electricity demand.

For ENNA Group, the Medgidia acquisition provides access to an advanced development opportunity rather than requiring the group to assemble a new project from the earliest planning stages. The project company already holds the rights associated with developing the photovoltaic facility and battery installation, although the transaction remains conditional on regulatory clearance. This structure can provide a route to portfolio expansion through corporate acquisition while allowing the purchaser to retain responsibility for subsequent construction and commercial operation.

The battery storage component is particularly substantial relative to the proposed solar facility. With a stated energy capacity of 612 MWh, the battery could support the storage and later delivery of electricity generated during periods of strong solar output. However, the available announcement does not disclose the battery’s power rating in megawatts, meaning its maximum discharge rate and operating duration cannot be established from the published information alone. It would therefore be inaccurate to describe the system as a specific four-hour or six-hour battery without an independently verified power specification.

This distinction is important for assessing project economics. A battery rated at a particular energy capacity can produce different revenue opportunities depending on whether it is configured for higher power over a shorter period or lower power over a longer duration. The eventual operating strategy will also depend on electricity market rules, grid connection conditions and the system’s ability to participate in eligible balancing or flexibility services.

What does the Medgidia acquisition reveal about ENNA Group’s plans to develop a larger solar and energy storage business in Romania?

The proposed development would complement ENNA Solar’s existing Mihăilești project, which comprises 87.52 MWp of photovoltaic capacity and a planned 140 MWh battery energy storage system. According to ENNA Group, the Mihăilești facility is at an advanced stage of construction, with commercial operation expected to begin in April 2027. The addition of Medgidia would bring the group’s two identified Romanian developments to a combined planned solar capacity of 253.52 MWp and battery energy storage capacity of 752 MWh, assuming both projects are completed to the announced specifications.

These figures demonstrate the scale of the intended expansion, but should not be confused with capacity already in commercial operation. The Mihăilești project still has an expected commissioning milestone ahead, while Medgidia remains at an earlier stage and its acquisition has not yet closed. The combined capacity therefore represents an announced development pipeline rather than current generation or storage output.

The relationship between the two projects may offer ENNA Group opportunities to apply common procurement, engineering and operational practices across its Romanian portfolio. A larger presence could also improve the group’s ability to engage with electricity market counterparties and service providers, although no specific cost savings or operational synergies were quantified in the acquisition announcement.

ENNA Group management has indicated that the Romanian investment is part of a wider ambition to expand across Central and Eastern Europe. Management board president Boštjan Napast identified advanced-stage renewable developments and projects approaching construction readiness as areas of interest for potential future investment and cooperation. The statement suggests that the group may continue exploring acquisitions rather than relying exclusively on development initiated internally.

For the regional renewable industry, this approach demonstrates how development-stage project companies can become acquisition targets as investors seek access to land, permitting progress and grid connection opportunities. The commercial value of such acquisitions, however, depends heavily on the quality of development rights and the amount of capital still required before projects become operational.

How could the 612 MWh battery system improve the economics of Medgidia’s expected 265,932 MWh annual solar generation?

The planned photovoltaic facility is expected to generate approximately 265.9 GWh of electricity annually once operational. This forecast provides an indication of the project’s prospective contribution to electricity supply, although actual production will depend on solar irradiation, equipment performance, availability, degradation and any limitations imposed by the electricity network. It is also important to distinguish the published generation forecast from battery discharge volumes, since storage shifts electricity between periods and does not create additional primary energy.

A battery system could enable the facility to retain electricity during periods when immediate export is less attractive and discharge it when market conditions are more favourable. Such an operating strategy may create additional value where electricity prices vary materially across the day, although the net benefit must account for energy losses, battery operating costs and long-term degradation. The project may also be able to provide grid-support functions depending on applicable market rules and technical capabilities.

The commercial challenge lies in balancing these possible benefits against the capital expenditure associated with a large storage system. Battery installations require power conversion equipment, control systems, thermal management, safety infrastructure and ongoing maintenance. The cost of replacing components or maintaining specified storage performance over the operating life must also be considered. Without an announced project investment figure, battery power rating or electricity revenue structure, a reliable estimate of Medgidia’s storage-related investment return cannot currently be established.

Grid integration will be another important determinant of the project’s performance. Solar developments can face periods when local or system-wide generation exceeds immediately available transmission capacity or electricity demand. Battery storage may help manage some of those conditions, but its ability to reduce curtailment depends on charging permissions, available storage capacity and whether electricity can subsequently be exported. The final technical design will therefore be central to determining how much operational flexibility the Medgidia project delivers.

Which Romanian regulatory approvals and construction milestones remain before the Medgidia solar-storage development can begin generating electricity?

ENNA Solar’s proposed acquisition remains conditional on the approval of Romania’s competent foreign direct investment screening authority and relevant competition authorities. These requirements reflect the regulatory scrutiny that can apply to changes of ownership involving infrastructure and energy assets. Until the necessary approvals are secured and the transaction closes, the proposed ownership transfer should not be described as completed.

The implementation schedule calls for construction to begin in the first quarter of 2027, with the photovoltaic plant entering commercial operation during the first quarter of 2028. That timetable creates a period in which the developers must complete outstanding preparatory work, construction procurement, equipment installation and grid connection requirements. Any delay in regulatory clearance, financing or delivery of major components could affect the expected operational date.

The disclosed timetable also separates acquisition execution from physical project development. Obtaining control of the project company would give ENNA Solar access to the development rights associated with the Medgidia facility, but would not establish that the solar modules or battery equipment had already been installed. Investors and electricity market participants assessing the project should therefore distinguish the corporate transaction from subsequent construction and commissioning milestones.

The announcement does not identify the equipment suppliers, engineering contractors, battery chemistry or final project financing structure. Nor does it disclose a binding long-term power purchase agreement or the electricity price expected to be realised once generation begins. These are material considerations because the profitability of a renewable development depends on both the cost of constructing the asset and the revenue available from its electricity output and storage services.

For ENNA Group, the immediate priority is completing the acquisition and advancing construction preparations, while the expected start of commercial operation in 2028 provides the next major project milestone. Successful delivery would meaningfully expand the group’s presence in Romania and establish a larger portfolio combining utility-scale solar generation with battery storage.

The proposed Medgidia acquisition also highlights the growing importance of assessing renewable assets as integrated electricity systems rather than simply comparing installed solar capacity. The combination of 166 MWp of photovoltaic generation and 612 MWh of storage offers potential operational flexibility, but its commercial effectiveness will ultimately depend on battery design, electricity prices, grid access and capital costs. ENNA Group’s ability to deliver both Romanian projects on schedule will determine whether the announced portfolio expansion translates into dependable generation capacity and sustainable investment returns.