Romanian renewable energy co-op to buy green energy supplier

The acquisition will be financed entirely by the co-operative’s members

Romania’s first renewable energy co-operative has launched a fundraising campaign to buy green energy supply company Apuron Energy.

Launched in 2019, Cooperativa de Energie plans to produce and distribute 100% green energy. The acquisition of the supplier will be financed entirely by the co-operative’s members, in the form of loans with a 3.7% interest for just one year or 5.2% per year over five years. The minimum investment is LEI500 (£88.41). The co-operative has so far raised 23% of its LEI2m target (£353,653).

Those wishing to back the fundraising campaign must first become a member of the co-operative and then select the desired amount for the investment, which will be transferred from their member’s account. Full members can join for a minimum of LEI100 (£18.51) while investor members need to contribute a minimum of LEI500 (£92.55).

Related: First renewable energy co-op in Romania to start distribution in 2021

With the acquisition of Apuron Energy, Cooperativa de Energie hopes to enter the market as the first 100% renewable energy supplier in the country. Apuron Eenergy operates a solar power plant in Mavrodin, located in Teleorman county, in the south of Romania. The company supplies 40 GWh per year to 150 consumers, mostly small and medium-sized enterprises.

Electricity prices in Romania were fully liberalised from 1 January 2021, meaning that regulated prices will be removed even for household consumers in an attempt to boost market competition. The co-operative hopes the liberalisation incentivises consumers to switch, particularly those who wish to receive renewable energy from a certified source/ with guarantees of origin.

Victor Iancu, president of Cooperativa de Energie, said: “Our main objective is to facilitate our country’s energy transition to a market that is 100% covered with renewable energy, in which citizens play an active role.”

He added that the co-operative aimed to become “an efficient tool” in tackling pollution resulting from the production and consumption of energy from conventional sources.

“The more people join the co-operative, the greater the impact,” he said.

The co-operative hopes to start distribution this year and will be looking to produce its own energy in the future.