Scatec ASA has signed an agreement to acquire the Urleasca onshore wind project in Romania from European developer OX2. Located in Brăila county, in the southeast of the country, the project has a capacity of 77 MW. Part of the output, approximately 43 MW, is covered by a Contract-for-Difference (CfD) at an average price of €71.3/MWh, with the remaining electricity to be sold on the Romanian wholesale market.

Entry Into European Onshore Wind

The acquisition marks Scatec's entry into onshore wind in Europe. It complements the company's existing solar portfolio in Romania, which includes the Dobrun and Sadova solar projects, with a combined capacity of 190 MW, currently under construction.

According to Scatec, together the projects establish a multi-technology portfolio spanning solar and wind in the country, in line with its diversification strategy. The company states that a portfolio combining long-term contracted revenue with exposure to market prices would allow it to optimize value creation across its European assets.

OX2, which developed the Urleasca project, will continue to manage it through to commissioning under a Construction and Asset Transfer Agreement (CATA). Financial close is targeted for the third quarter of 2026, while commercial operation date (COD) is targeted for the second half of 2028.

Financing and Project Structure

The total project cost is estimated at €168 million, excluding value-added tax (VAT), according to Scatec. Financing would combine non-recourse debt and equity, with leverage of approximately 60%. Once the project is commissioned, Scatec will provide asset management as well as operations and maintenance services. The transaction remains subject to customary conditions precedent.

"Urleasca is an attractive entry point into European onshore wind. The project has strong fundamentals, long-term revenue visibility through the CfD, and a structured development and construction arrangement with OX2 that gives us a disciplined path to commissioning," said Terje Pilskog, CEO of Scatec. He added that, combined with the solar projects already under construction in the country, this asset would position Scatec with a more diversified renewable energy portfolio in one of Europe's most compelling markets for the energy transition.