Romania’s state-owned natural gas producer and supplier, Romgaz, is considering the acquisition of up to six project firms (special purpose vehicles – SPVs) to help meet its target of achieving 180 MW in renewable electricity capacity by 2030. The company is increasingly turning towards solar power, which is not only the most cost-effective and widely available form of electricity generation but also one of the easiest to install. This move reflects a broader trend among companies traditionally focused on fossil fuels to embrace decarbonization and diversify into renewable energy.

Romgaz has issued a request for a consultant to assist with the acquisition process, with a contract valued at up to EUR 262,000. The consultant will be tasked with conducting financial and fiscal due diligence on potential acquisitions, as well as providing evaluations of target companies. The goal is to minimize risks associated with the acquisitions and to ensure that the investments align with Romgaz’s strategic objectives. The consultant will also be required to take into account the macroeconomic context and legal considerations while providing a comprehensive economic and financial analysis.

Romgaz has outlined a ten-year strategy to achieve its renewable energy targets, which includes reaching 180 MW of solar power capacity by 2030. The company has recently raised funds through the issuance of five-year notes, with part of the proceeds earmarked for its transition to low-carbon energy.

While Romgaz remains primarily known for its natural gas production and supply, it is also actively involved in electricity generation. The company operates the Iernut gas power plant in central Romania, which has a capacity of 200 MW. A new gas facility, with a capacity of 430 MW, is under construction, although it is running behind schedule and is expected to be commissioned early next year.

Romgaz is the largest gas producer in Romania and has shown strong financial performance. In the first quarter of the year, the company reported a net profit of EUR 362 million, a 9% increase compared to the same period last year. In addition, Romania recently surpassed the Netherlands to become the largest natural gas producer in the European Union, with Romgaz playing a key role in this achievement. The company’s production increased by 5% in the first half of the year, partly due to the operation of seven new wells. Looking ahead, Romgaz is also preparing for the development of the Neptun Deep offshore gas field, which is set to come online in 2027 as part of a joint investment with OMV Petrom.