A concentrated portfolio of utility-scale solar, onshore wind and solar-plus-storage — open to investment, asset acquisition or development partnership. One asset is already permitted and ready to build.
Romania has more renewable projects on paper than almost any market in Europe. Very few of them have the permits that turn a project into an asset.
As of 1 June 2026, the Romanian regulator ANRE recorded 91.1 GW across 1,530 renewable projects of 1 MW or more holding a valid grid connection permit. That number is often quoted as the size of the pipeline. It is not the size of the opportunity.
Follow the same projects down the funnel and it narrows fast. 55.1 GW hold a signed grid connection agreement. Only 31.4 GW hold both that agreement and a building permit. And only 10.8 GW carry an ANRE establishment authorisation on top.
Niculițel Solar has held its Phase I grid connection permit and its Phase I building permit since October 2023. It sits in the 31.4 GW tier — the third of the pipeline that has actually cleared the regulatory work. Two out of every three gigawatts in Romania have not.
Three technologies. Three stages of development. One consolidated view.
| Project | Technology | Headline capacity | Development stage | Investment | Target IRR |
|---|---|---|---|---|---|
| Niculițel Solar | Utility-scale photovoltaic | 23.76 MW — Phase I ATR | Phase I fully permitted, ready to build | €59 M | 27.41% |
| Tulcea Wind | Onshore wind farm | 151.8 MW — 23 turbines | Phase I approvals complete; Phase II is the route to RTB | ≈ €195 M | ≈ 29.9% |
| I.C. Brătianu Solar + Storage | Photovoltaic with battery storage | 1 GWh storage · 250 MWh solar | Approvals sequence under way | Not published | ≈ 16.67%* |
* Solar generation only. All figures as published by Aurora Renewables; projections and indicative estimates.
Each project carries its own stage and risk profile. The returns are not directly equivalent.
All three projects sit in Tulcea County, in Romania's south-east. That is not a coincidence of the portfolio — it is the reason the portfolio exists.
Tulcea fronts the Black Sea and contains most of the Danube Delta. Across the plateau where the projects sit there is very little to break the airflow, and sea and delta together drive the regional climate, and the result is a wind regime that is consistent rather than merely strong — which is what matters when a turbine has to run for a quarter of a century and more.
Aurora measures it rather than assumes it, and has been doing so since 2008, when a 60-metre mast began collecting data at the Tulcea Wind site — a wind record now approaching two decades. Average wind speed at 60 metres is 6.12 m/s, air density 1.225 kg/m³, mean annual temperature 14.1 °C, with a dominant flow along a north-east to south-west axis. A 100-metre measurement mast was installed in 2023 to match modern hub heights and sharpen the yield model.
The same geography serves the solar assets: flat consolidated land, established transmission access, and surrounding land use that is agricultural rather than residential — which keeps planning constraints low and setback distances comfortable.
Measured, not modelled. Backed by a 100-metre mast installed in 2023 and validated to industry practice.
Same grid, same authorities, same permitting path, same team. Concentration is what makes the portfolio legible.
Limited residential development around all sites — fewer planning constraints and appropriate turbine siting distances.
Romanian wind stalled for five years. It started moving in 2025, and it has not stopped.
Installed wind capacity in Romania sat at roughly 3.0 GW from 2020 through 2024. Then it moved: 330 MW was added in 2025, and Transelectrica reported a further 496 MW connected during 2026 by late August — taking the country to approximately 4.0 GW.
WindEurope's build-out projection puts Romania near 6.1 GW by 2030. That leaves roughly 2.1 GW still to be built.
Tulcea Wind, at 151.8 MW, is around 7% of everything the country is still expected to add — held by a single project, in a single county.
The portfolio is concentrated by design: one operator, one region, three complementary technologies, and a pipeline that has already cleared its hardest regulatory milestones on the lead asset.
Niculițel Solar holds a completed grid connection study, zoning plan, environmental permit, CTE approval, Phase I ATR for 23.76 MW and a Phase I building permit — all completed in or before October 2023. Phase I is described as fully permitted and ready to enter construction.
One asset ready to build. One with Phase I approvals complete and a defined route to ready-to-build. One structured as an integrated energy hub still moving through approvals. Capital can enter where its risk appetite fits, without changing operator.
Niculițel holds a long-term land lease on a single consolidated parcel, with established transmission access and a grid connection study confirming technical feasibility. Tulcea Wind sits on long-term leases and connects using existing grid assets, which reduces development complexity.
I.C. Brătianu pairs photovoltaic generation with 1 GWh of battery storage to deliver firm, dispatchable power, with behind-the-meter supply designed for hyperscale data centres and proximity to major European fibre-optic backbones.
A utility-scale photovoltaic power plant in Niculițel Commune, structured for phased delivery across four development phases — a structure Aurora describes as maintaining flexibility for investors and development partners, not merely as an engineering convenience.
The plant sits on a single consolidated land parcel held under long-term lease. The terrain is predominantly flat, which minimises civil works and simplifies long-term management. Grid connection studies are complete and confirm technical feasibility through a high-voltage transmission line with capacity for the planned output.
It is the most advanced asset in the portfolio, and the only one with a published ready-to-build purchase price — which makes it the most direct route in for an investor who wants to acquire a permitted asset rather than fund a development process.
Solar irradiation has been applied conservatively in performance modelling to ensure realistic output expectations. The seasonal profile is predictable, which supports reliable forecasting.
All financial figures are projections and may vary depending on market conditions, regulatory changes, and final technical configurations.
An onshore wind farm of 151.8 MW across 23 modern turbines of approximately 6.6 MW each, built for utility-scale, long-term operation over a published asset life of 25 years and more. Turbine placement has been set against local topography, prevailing wind directions and infrastructure access.
Development risk is the central argument here, and Aurora states it plainly: completing Phase I approvals and progressing through Phase II permitting significantly reduces development risk, positioning the project to achieve ready-to-build status and enhancing bankability.
Construction logistics lean on what is already there. Existing agricultural roads provide the basis for site access and will be upgraded as required for component transport, with the European road E87 (DN22) approximately 2.5 km from the project area. The grid connection runs at 110 / 20 kV to a substation roughly 7 km away, using existing network assets — which reduces complexity and supports timely commissioning.
Urbanism Certificate · Environmental Permit · Building Permit · Land Use Authorisation · Grid Connection Agreement · Grid Connection Permit (ATR).
Final Grid Connection Agreement · Detailed Electrical Design Approval · Construction Permit · Aviation & Radar Clearances · Environmental Compliance Confirmation · Health & Safety Approvals.
All financial figures are indicative and subject to change based on final technical design, market pricing, and financing terms.
A large-scale photovoltaic development conceived as an integrated energy hub: solar generation paired with 1 GWh of battery energy storage, capable of delivering firm, dispatchable power rather than intermittent output.
The storage layer supports load balancing, peak shaving and continuity of supply — the conditions a data centre requires — and reduces curtailment during peak production. The site benefits from proximity to high-voltage transmission lines, regional road networks and major fibre-optic routes, with local zoning favourable to industrial and energy use.
The project is deliberately not locked to a single commercial model. Aurora publishes three routes, and states the reason: this flexibility allows the asset to adapt over time as energy markets, regulation, and demand profiles evolve.
Financial modelling applies conservative assumptions relating to energy pricing, system performance and operating costs, with sensitivity analyses supporting investment decision-making.
Project CAPEX and a ready-to-build price are not published for this asset. Both are addressed during advanced development and negotiation phases. The published target IRR covers solar generation only and does not include the storage or direct-supply revenue layers.
Approvals follow a defined sequence, with execution approvals and permits still to be completed before ready-to-build status. Development is structured in five phases: site identification and feasibility; permitting and development; ready-to-build; construction and commissioning; then operations and optimisation.
Technical material first, direct access to the development team next, and a focused review of the selected asset.
Send the form with the project you are interested in, or the full portfolio. It reaches the development team directly.
Technical and financial documentation for the selected project, at the level of detail your review requires.
Permits, grid, timeline and commercial structure — discussed with the people who did the work.
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