Romanian Simtel Team buys 5.4 MWp solar project at home

Romanian technology group Simtel Team SA (BSE:SMTL) on Monday unveiled plans to acquire a domestic company holding the rights to a 5.35-MWp solar photovoltaic (PV) project with a shovel-ready status at home.

The deal involves the purchase of project vehicle Oasis Green Energy 3Srl, which is the owner of the target project. Financial details about the transaction were not disclosed in the bourse filing.

The solar PV park will be installed in western Romania’s Bihor County and will cover some 69,800 square meters of land. Once up and running, it is expected to be able to produce about 6.5 GWh of electricity annually and offset almost 4,000 tonnes of carbon dioxide (CO2) emissions.

The project has all needed permits in place and is ready to enter construction. Simtel Team said it will kick off works immediately, expecting the construction to take around six months.