Guide to ANRE licensing and establishment authorisations for Romanian solar, wind and BESS investors, including generation, storage, trading, supply and aggregation roles.
ANRE licensing is now a core bankability test for Romanian renewable projects. Investors should align land, grid, permits, establishment authorisation, operating licence and route-to-market before pricing a project.
Executive answer
ANRE licensing is now a core bankability test for Romanian renewable projects. Investors should align land, grid, permits, establishment authorisation, operating licence and route-to-market before pricing a project.
In Romania, an investor does not buy only land, permits, an ATR or a grid connection story.
For a serious renewable energy project, the investor ultimately buys a legally regulated right to develop, connect, operate and monetise an energy asset. That right is heavily shaped by ANRE licensing and authorisation rules.
In 2026, ANRE licensing has become much more than an administrative formality. It is now one of the core tests of whether a renewable energy project is real, financeable and capable of reaching COD.
The key message for investors is simple:
A Romanian renewable energy project is not bankable only because it has an ATR or a building permit. It becomes bankable when the land, grid, permits, ANRE establishment authorisation, operating licence and route-to-market all work together.
Investor reading map
| First question | Which ANRE authorisation or licence is actually required for the project stage? |
| Second question | Is the licence holder the right legal entity for the transaction? |
| Third question | Are licence conditions, guarantees and reporting obligations reflected in the SPA? |
1. Why ANRE licensing matters in Romanian renewable energy projects
ANRE licensing sits at the intersection of legal development, grid access, project finance and market participation.
For renewable energy investors, ANRE approvals affect:
The Romanian framework was substantially modernised by ANRE Order no. 6/2025, which approved the current Regulation for granting licences and establishment authorisations in the electricity sector. ANRE’s official page confirms that the licensing and authorisation regime is now governed by Order 6/2025, published in the Official Gazette no. 262/26 March 2025, and amended by Order 26/2025.
This is important because the older ANRE Order no. 12/2015 framework, often still cited in older due diligence reports and transaction materials, was expressly replaced by Order 6/2025. The older regulation remains useful for understanding the historical concepts, but for live 2026 work the starting point must be Order 6/2025.
2. The legal architecture: authorisation versus licence
Romanian energy law distinguishes between two different regulatory moments.
The first is the establishment authorisation — autorizație de înființare. This is the development / construction-stage ANRE approval for creating or refurbishing certain energy capacities.
The second is the licence — licență. This is the operational / commercial-stage ANRE approval allowing the holder to exploit an energy capacity or carry out a regulated electricity-market activity.
This distinction is crucial.
A project can have a building permit but still need an ANRE establishment authorisation. A project can be physically built but still need an ANRE licence before commercial operation. A trader can have commercial agreements but still need a trader licence or ANRE confirmation. An aggregator can have a portfolio concept but still need the correct regulated activity.
Under Law 123/2012, ANRE issues establishment authorisations for new electricity generation capacities, including new storage installations, if the maximum power injected into the grid exceeds 1 MW. If the maximum power injected into the grid is 1 MW or below, an establishment authorisation is not required, but notification and reporting obligations apply.
Order 6/2025 follows the same logic: ANRE issues establishment authorisations for generation capacities and storage installations where the maximum active power injected into the grid is above 1 MW or becomes above 1 MW.
So the practical rule is:
| Project type | ANRE establishment authorisation? |
| PV / wind / BESS ≤ 1 MW maximum injected power | No establishment authorisation, but notification/reporting applies |
| PV / wind / BESS > 1 MW maximum injected power | Establishment authorisation required |
| Expansion that causes capacity to exceed 1 MW | Establishment authorisation required |
| Standalone BESS > 1 MW maximum injected power | Establishment authorisation required |
| Hybrid PV + BESS > 1 MW | Establishment authorisation required, and storage must be properly reflected |
3. The main ANRE licences relevant for renewable investors
Law 123/2012 and the ANRE licensing regulation identify several categories of licences relevant to renewable energy and electricity-market participation.
For renewable investors, the most relevant are:
Law 123/2012 expressly lists licences for electricity generation, transport/system service, distribution, market operator activity, supply, trading, aggregation and standalone storage. It also allows ANRE to establish complementary rights specific to other licence types.
ANRE’s official 2026 page repeats the same list under Order 6/2025: production, cogeneration, transport and balancing system services, distribution, market operator, supply, trader, aggregation and standalone storage.
This matters because a renewable energy investor may need more than one regulatory right depending on the business model.
A pure PV producer that sells output through a trader or offtaker may need a production licence. A group that wants to trade electricity more broadly may need a trader licence. A company selling to final customers may need a supply licence. A BESS operator may need a storage licence. A VPP operator pooling several assets may need an aggregation licence.
4. The licensing lifecycle for a renewable energy project
Stage 1 — Development phase: no ANRE licence yet, but check future licensing path
At early development stage, the project usually has land, grid studies, certificate of urbanism, environmental steps and perhaps an ATR application. At this stage, the ANRE licence may not yet exist.
But the licensing path must already be assessed.
The investor should ask:
- Will the project exceed 1 MW maximum injected power?
- Is the project pure generation, standalone storage or hybrid generation + storage?
- Does the ATR include storage?
- Does the environmental act include storage?
- Does the building permit include storage?
- Will ANRE establishment authorisation be needed before construction / implementation?
- Is the SPV capable of obtaining the authorisation?
- Does the business plan require production, storage, trading, supply or aggregation rights?
The mistake is to treat licensing as a final step. In reality, licensing risk must be priced from the beginning.
Stage 2 — Establishment authorisation
The establishment authorisation is one of the most important regulatory documents for large renewable projects.
It confirms that ANRE allows the project company to realise the energy capacity described in the documentation.
For a PV, wind or BESS project above 1 MW, the due diligence should check whether the establishment authorisation:
This is especially important in 2026 because ANRE is moving toward a much stricter anti-speculation regime.
6. Licensing analysis by investor profile
A. Investor acquiring an RTB solar project
For a ready-to-build PV project, the buyer should check:
A common real issue is that the seller calls the project RTB because it has a building permit, but the establishment authorisation is missing.
That is not a fatal issue in every case, but it is a pricing and timing issue.
In 2026, missing establishment authorisation can also mean financial guarantee exposure.
B. Investor acquiring a PV + BESS project
For PV + BESS, the licensing review must be more detailed.
The buyer should verify whether BESS is included in:
A “storage-ready” project is not the same as a licensed storage project.
If the BESS is not in the ANRE documentation, then the storage component should usually be treated as potential upside, not as existing regulatory value.
C. Investor acquiring standalone BESS
Standalone BESS has a different regulatory profile from PV + BESS.
For standalone storage above 1 MW, the investor should expect:
7. Transaction impact: share deal versus asset deal
ANRE licensing has a direct impact on transaction structure.
Share deal
In a share deal, the buyer acquires the shares of the SPV. The SPV remains the same legal entity. Its permits, ATR, grid connection agreement, establishment authorisation and future licence path usually remain with the same holder, subject to change-of-control restrictions and reporting obligations.
This is often simpler for renewable projects.
But the buyer must still check:
In an asset deal, the energy capacity or development rights are transferred to another legal entity. This is more complex.
Under Order 6/2025, where ownership or use rights over licensed energy capacities are transferred, the acquiring operator may need a provisional licence or modification of its existing licence. The regulation also provides for provisional authorisations where the transfer concerns development / refurbishment activities under an establishment authorisation. The application must generally be submitted at least 30 calendar days before the transfer date.
This is a critical transaction point.
If the SPA assumes an asset transfer but the regulatory transfer path is not built into the timeline, closing can be delayed or the buyer may temporarily lack the right to develop or operate the asset.
8. ANRE licensing due diligence checklist
ANRE diligence should focus on whether the approval supports the actual project and transaction structure.
| Holder | correct project company, no mismatch between asset owner and licence holder. |
| Stage | authorisation, construction, commissioning or operation. |
| Scope | production, storage, supply, aggregation or other market activity. |
| Conditions | guarantees, reporting duties, deadlines and compliance history. |
| Transaction effect | share deal, asset deal, change of control, notifications and required approvals. |
9. Red flags for investors
The main ANRE licensing red flags in Romania are:
| Red flag | Why it matters |
| Building permit exists but no establishment authorisation | Project may not be fully regulatory-ready |
| Establishment authorisation close to expiry | Extension may trigger guarantees or refusal risk |
| Authorisation covers PV only, but teaser says PV + BESS | Storage value may be speculative |
| Capacity in ANRE authorisation differs from ATR | Regulatory inconsistency |
| Seller cannot prove financing | Suspension / credibility risk after ANRE’s 2026 practice |
| Licence missing before COD | Commercial operation risk |
| Standalone BESS treated as auxiliary equipment | Wrong licence category |
| Aggregation activity treated as simple trading | Licensing breach risk |
| EU trader relies on home licence without ANRE confirmation | Market access risk |
| Asset deal structured without provisional licence analysis | Closing / operation gap |
| Unpaid ANRE contributions or reporting failures | Sanction / licence compliance risk |
| Missing annual reporting | Compliance issue |
| State aid project with unapproved change of control | Clawback / consent risk |
10. Practical view by project type
Solar PV project
For a standard utility-scale PV project, the ANRE path is usually:
The main risk is mismatch between ATR, building permit and ANRE establishment authorisation.
Wind project
Wind projects require the same ANRE logic, but due diligence should be stricter because wind projects often face:
If the turbine type changes after authorisation, the ANRE and permitting impact must be reviewed.
PV + BESS hybrid
For hybrid projects, the main issue is whether storage is legally integrated.
The buyer should not accept “BESS-ready” as equivalent to “BESS-authorised”.
Standalone BESS
For standalone BESS, the core questions are:
Is the BESS above 1 MW? Does it have establishment authorisation? Does it have a storage operating licence path? Is the grid connection designed for both absorption and injection? Is the revenue model compatible with the licence? Is the project intended for arbitrage, balancing, ancillary services or portfolio optimisation? Trader / aggregator platform
For a trading or aggregation platform, the question is not land or construction. It is the legal role in the market.
A trader licence does not automatically authorise aggregation. A supplier licence does not automatically solve VPP participation. PRE / BRP is not the same thing as aggregation. BSP / FSE qualification is not the same thing as ANRE licensing.
This is where Romanian market-entry structuring becomes essential.
13. Investor conclusion
ANRE licensing in Romania is no longer a back-office regulatory step.
It is now a core part of the investment case.
For renewable energy investors, the correct analysis is not:
“Does the project have permits?”
The correct analysis is:
“Does the project have the correct legal right to be built, connected, licensed, operated and monetised?”
That means checking the full chain:
Romania remains one of the most attractive renewable energy markets in CEE. But it is becoming more disciplined.
The winners will be investors who understand that the most valuable MW are not the ones written in the teaser.
The most valuable MW are the ones that survive ANRE scrutiny, reach COD and generate revenue legally.
Related reading and services
This article is part of the Romanian energy law content cluster. For the commercial route into a mandate, start with Energy Law in Romania and the Renewable Energy Legal Services page.
How Grigorescu Partners can help
Grigorescu Partners assists investors, developers, lenders and project owners with Romanian renewable energy projects, including legal due diligence, grid connection review, ANRE licensing, PPAs, BESS structuring, EPC and O&M contracts, project acquisitions and transaction execution.
If you are assessing a Romanian renewable energy project, the useful question is not only whether the project has documents. The useful question is whether those documents work together as a buildable, financeable and monetisable energy asset.