Legal guide to co-located PV + BESS projects in Romania, covering land, permits, ATR, grid connection, ANRE, revenue models, PPAs, CfD, GOs, SPA and financing.
A Romanian co-located PV + BESS project is bankable only if storage is legally, technically and commercially integrated into land, permits, ATR, GCA, ANRE, metering, contracts and revenue assumptions.
Executive answer
A Romanian co-located PV + BESS project is bankable only if storage is legally, technically and commercially integrated into land, permits, ATR, GCA, ANRE, metering, contracts and revenue assumptions.
Investor reading map
| First question | Is BESS legally part of the project or only future upside? |
| Second question | Does the grid connection support the assumed charging and discharging model? |
| Third question | Are PPA, CfD, GO and BESS revenue assumptions legally executable? |
1. Executive summary
A bankable co-located PV + BESS project in Romania must align several legal layers at the same time:
| Layer | What must be checked |
| Land | Land rights must cover PV, BESS, transformer station, access roads, internal roads, cable routes and safety/fire areas |
| Permitting | Environmental act, building permit and urbanism documentation must include the BESS component |
| Grid | ATR and grid connection agreement must cover the PV + BESS configuration, including injection and, where relevant, absorption |
| Capacity allocation | For projects of at least 5 MW, the 2026 capacity allocation regime may be relevant |
| ANRE | Establishment authorisation and later operating licence must reflect the correct production + storage structure |
| Technical | EMS, SCADA, metering, protection, charging/discharging logic and grid code compliance must be coherent |
| Revenue | Arbitrage, imbalance optimisation, PPA shaping, CfD interaction and balancing services must be legally executable |
| Financing | Lenders will review whether BESS revenue is permitted, contracted, technically deliverable and bankable |
| Transaction | SPA pricing must distinguish between fully permitted BESS and future BESS upside |
The main point:
In Romania, “BESS-ready” is not the same as “BESS-permitted”. “BESS in the financial model” is not the same as “BESS in the ATR, building permit and ANRE authorisation”.
2. Why PV + BESS matters in Romania in 2026
Romania’s solar market is growing fast. According to RPIA data reported by PV Magazine, Romania added 2.2 GW of solar capacity in 2025, taking total installed solar capacity above 7 GW; utility-scale solar accounted for around 1.2 GW of the 2025 additions and almost doubled year-on-year.
That growth is positive, but it also changes the economics of solar.
As more PV enters the system, investors must think about:
BESS can help solve part of this problem. It can shift energy from low-value solar hours to higher-value hours, reduce imbalance exposure, support shaped PPAs, increase flexibility and potentially participate in balancing or ancillary service markets.
This is why hybrid PV + BESS projects are becoming a serious Romanian asset class.
3. What is a co-located PV + BESS project?
A co-located PV + BESS project is a solar photovoltaic plant combined with a battery energy storage system, usually located at or near the same site and connected through the same or related grid access infrastructure.
In practice, Romania currently sees several structures:
| Structure | Description | Legal risk |
| True co-located PV + BESS | PV and BESS are included in the same permitting, grid and ANRE structure | Best structure if documents are aligned |
| PV project with future BESS option | PV is permitted; BESS may be added later | BESS should be treated as upside, not existing value |
| PV + standalone BESS cluster | PV and BESS are separate assets but commercially optimised together | Requires careful grid, licence and metering design |
| Retrofit BESS | Storage added to an operating PV or wind plant | Requires amendment analysis |
| BESS-ready PV | Site/layout allows future storage | Not legally equivalent to permitted BESS |
RED III defines “co-located energy storage” as a storage installation combined with a renewable energy plant and connected at the same grid access point. This concept is useful, but in Romanian due diligence the decisive test is not only conceptual. It is documentary.
The BESS must appear in the relevant project documents.
4. Public Romanian market examples
Several publicly reported projects show that PV + BESS is becoming a real market, not only a development concept.
Enery Ogrezeni: bank-financed large-scale hybrid project
Enery reached financial close on a €460 million syndicated green project financing for the Ogrezeni hybrid project in Giurgiu County, combining 761 MWp / 534 MW AC solar PV with more than 1 GWh of BESS. ESS News described it as one of Europe’s largest hybrid solar-and-storage projects, supported by seven banking groups.
Legal lesson: Large Romanian PV + BESS projects can be financed, but only when the structure is mature enough for lenders to understand grid, permits, technology, revenue and sponsor strength.
Korkia Alexandria portfolio: ATRs for co-located PV + BESS
Korkia announced in April 2026 that it secured ATRs for a 320 MW solar PV and 303 MW BESS co-located portfolio in Teleorman County. The portfolio consists of three hybrid solar PV and storage projects, with grid connection permits issued in March 2026 and expected power injection from 2028. Korkia also stated that the projects benefit from favourable grid connection terms and no need for transmission system reinforcements.
Legal lesson: For co-located PV + BESS, ATR quality is a central value driver. If the ATR expressly covers the hybrid structure and avoids major reinforcements, the project is materially stronger.
5. Legal framework for PV + BESS in Romania
The legal framework is built on several layers.
Electricity law and storage recognition
Romanian electricity law recognises energy storage and flexibility as part of the electricity system. The Electricity and Gas Law no. 123/2012 includes storage and flexibility among the objectives and regulated activities of the electricity sector.
Grid connection regulation
The ANRE grid connection regulation applies not only to classic consumption and production sites, but also to consumption-production sites with storage and standalone storage installations.
This matters because a PV + BESS project must be analysed as more than a simple PV plant. The grid operator must understand how the asset injects, absorbs, stores and operates.
ANRE licensing
ANRE’s official page confirms that electricity licences and authorisations are currently governed by ANRE Order 6/2025, published in the Official Gazette on 26 March 2025 and later amended by Order 26/2025.
For PV + BESS projects, the licensing question is whether the storage is added to a production capacity or whether it is standalone. The legal route is not the same.
Capacity allocation
6. The first legal test: is the BESS actually part of the project?
This is the most important practical question.
A project should not be described as legally co-located PV + BESS unless the BESS is reflected in the main project documents.
The buyer or lender should check whether BESS appears in:
| Document | What to verify |
| Land documents | Is there land for battery containers / hall, PCS, transformers, safety areas and access? |
| Certificate of urbanism | Does the project description include storage? |
| Environmental act | Does it assess the battery component, chemistry, noise, firewater and waste? |
| Building permit | Does it authorise BESS works and related infrastructure? |
| ATR | Does it cover the PV + BESS configuration? |
| Grid connection agreement | Does it reflect storage import/export and works? |
| ANRE establishment authorisation | Does it include storage or added storage? |
| Technical design | Is EMS/SCADA/metering designed for PV + BESS? |
| Revenue model | Does the legal structure allow the assumed revenue stack? |
If the answer is “no” for several of these, then the project is not a legally mature PV + BESS project.
It may be a PV project with future storage upside.
That distinction affects valuation.
7. Land issues for co-located PV + BESS
Land due diligence for PV + BESS is more complex than for PV alone.
A hybrid project needs land for:
The buyer must check whether the land rights cover the entire project configuration.
Real case risk
A developer secures land for a PV project and later adds BESS in the model. But the BESS footprint is outside the original land lease or the safety perimeter conflicts with access roads or neighbouring plots.
This creates a simple legal conclusion:
The BESS cannot be treated as part of the RTB project until land rights and permits are updated.
For agricultural extravilan land, the BESS footprint also matters for the 50 ha analysis, removal from agricultural circuit and project structuring. Storage, transformer stations, access roads and connection works should not be ignored in the land calculation.
8. Environmental permitting
BESS is not environmentally neutral from a legal-permitting perspective.
Even if the battery does not generate emissions like a thermal plant, it can raise issues related to:
For PV + BESS, the environmental act must cover both technologies.
Real case risk
Environmental screening is issued for a solar plant. Later, the investor adds a 2-hour or 4-hour BESS. If the environmental file does not include the BESS technology, safety concept and footprint, the environmental decision may need revision.
This affects timing, financing and SPA conditions.
9. Building permit
The building permit must cover all physical components of the PV + BESS project.
The permit should include:
A project has a building permit for the PV plant. The seller says BESS will be “added later”. If BESS is not in the building permit, it is not part of the RTB asset.
A building permit for PV does not automatically authorise the BESS.
10. ATR and grid connection issues
The ATR is usually the most important document for a PV + BESS project.
For a PV-only project, the grid question is mainly export capacity.
For a PV + BESS project, the grid question is more complex:
What is the approved injection capacity? What is the approved absorption capacity? Can the BESS charge from the grid? Can it charge only from PV? Can it discharge independently of PV production? Does the ATR limit simultaneous PV export and BESS discharge? Does the project share the same connection point? Is the grid connection sized for the battery strategy? Are there reinforcement works? Are there operational restrictions? Is the BESS included in the ATR or only future-upside? Key distinction: DC-coupled vs AC-coupled
Legal documents often do not use this distinction clearly, but it matters.
| Structure | Practical implication |
| DC-coupled BESS | Battery connected behind inverter / DC side; often used to store clipped PV energy |
| AC-coupled BESS | Battery has its own inverter and can operate more independently |
| Grid-charging BESS | Battery charges from the grid, not only PV |
| PV-only charging BESS | Battery charges only from solar production |
These structures have different grid, metering, licensing and revenue consequences.
If the financial model assumes grid charging but the ATR and metering structure allow only PV charging, the model is wrong.
11. Grid connection agreement
A signed grid connection agreement is materially stronger than an ATR alone.
For PV + BESS, the GCA should be checked for:
The project has an ATR for PV + BESS, but the GCA is not yet signed. The seller prices the project as grid-secured RTB. That is premature. Until the GCA is signed, costs, deadlines and guarantees may still move.
12. Capacity allocation and new guarantees
The 2026 capacity allocation framework can affect co-located PV + BESS projects.
ANRE and Transelectrica have moved toward auction-based allocation for projects of at least 5 MW. Legal commentary on the procedure confirms that it applies to new and existing generators of at least 5 MW, including storage and combined consumption-generation points.
ANRE also announced in April 2026 a stricter connection and licensing philosophy, including a EUR 20/kW guarantee for capacity allocation auction participation, an increase of the grid connection guarantee from 5% to 20% of the connection tariff, and a EUR 30/kW guarantee for establishment authorisations or extensions.
For PV + BESS, this can be material.
Example:
- 100 MW PV + 100 MW BESS may face guarantee requirements calculated on installed or approved capacity depending on final wording and applicable regime
- GCA extension or ANRE authorisation extension may trigger additional guarantees
- storage added later may require new grid capacity or amendment.
The SPA and financial model must allocate these costs.
13. ANRE establishment authorisation and operating licence
For large PV + BESS projects, ANRE authorisation is not a formality.
The investor should verify whether the ANRE establishment authorisation covers:
At operation stage, the licence must also match the structure.
There is a legal difference between:
A PV + BESS project may need more than “producer” logic if the BESS is used for arbitrage, balancing or portfolio optimisation.
14. Revenue models for co-located PV + BESS
BESS can improve project economics in several ways.
14.1 Solar load shifting
The battery stores solar energy produced during low-price hours and discharges it during higher-price hours.
Legal issue: the contract and grid documents must allow the storage and discharge strategy.
14.2 Clipping recovery
If the PV plant has a high DC/AC ratio, BESS may store energy that would otherwise be clipped.
Legal issue: technical design and metering must reflect this.
14.3 PPA shaping
BESS can support more valuable PPA products, such as evening blocks, peak delivery or partial baseload.
Legal issue: the PPA must define whether delivery is as-produced, shaped, firm, fixed-volume or baseload.
14.4 Imbalance optimisation
BESS can reduce forecast error and imbalance exposure.
Legal issue: PRE/BRP arrangements and responsibility for nominations must be clear.
14.5 Balancing services
BESS may provide balancing services such as FCR, aFRR or mFRR if technically and legally qualified.
Legal issue: the project may need BSP/FSE qualification, telemetry, dispatch capability and possibly aggregation/trader arrangements.
14.6 Merchant arbitrage
The battery charges from low-price periods and discharges during high-price periods.
Legal issue: grid charging, metering, market access and trading rights must be confirmed.
15. PV + BESS and PPAs
A PV + BESS project can support a more attractive PPA than a PV-only project.
A PV-only PPA usually sells “as-produced” solar energy. The buyer receives energy when the sun produces, which may not match its consumption profile.
With BESS, the project can potentially offer:
But this must be drafted precisely.
A PPA should state:
The buyer signs a “baseload green PPA” with a PV + BESS project. But the BESS is only 2-hour storage, the project cannot charge from the grid, and the PPA has no replacement energy mechanism. The seller cannot physically deliver baseload. The contract becomes a financial/trading exposure, not a simple generation PPA.
16. PV + BESS and CfD
Romania’s CfD scheme is already a major bankability tool. The second renewable auction awarded 2,751 MW of CfD-backed capacity, bringing the total from the first two auctions to 4.2 GW; the EBRD notes that the two-way CfD scheme provides long-term revenue stability and strengthens market integration of renewables.
For PV + BESS projects, CfD raises several questions:
- Is the BESS included in the CfD-supported project?
- Is only PV generation eligible?
- How is stored energy treated?
- Can the battery charge from the grid?
- Does grid-charged energy affect renewable qualification?
- Does storage affect reference price settlement?
- Are PPA revenues compatible with CfD settlement?
- Are there state aid cumulation issues?
A CfD-backed PV project that later adds BESS must be reviewed very carefully. Storage can improve dispatch and capture value, but it must not breach CfD conditions.
17. Guarantees of origin and stored electricity
Guarantees of origin are becoming more important in Romania. EY notes that Romanian GOs are evolving from a traceability instrument into an essential market tool for renewable energy, corporate decarbonisation and ESG reporting.
For PV + BESS, GOs create a subtle issue:
If the battery charges from PV, the discharged energy can usually be linked to renewable production through proper metering and GO treatment. If the battery charges from the grid, the renewable character of discharged energy becomes more complex.
The PPA must therefore explain:
As the Romanian GO market becomes more mature, this will become increasingly important for corporate PPAs.
18. State aid and Modernisation Fund
Storage is increasingly supported by public funding.
The European Commission approved a €150 million Romanian State aid scheme to support at least 2,174 MWh of new standalone battery storage capacity through direct grants financed by the Modernisation Fund, with projects selected by competitive tendering.
This specific scheme is for standalone BESS, but the Modernisation Fund is also being used for storage added to existing renewable facilities, as shown by PPC’s co-located wind+BESS projects.
For PV + BESS investors, state aid DD must check:
A state-aid-supported BESS can be attractive, but it is not automatically freely transferable.
19. Technical and safety issues
PV + BESS projects also require careful technical-legal review.
Key issues include:
Safety certification can become a bankability advantage. In Romania, Monsson’s Constanța BESS obtained DNV safety certification under IEC 62933-5-2:2020 and DNV-EESS:2023-08, showing that international safety certification is already becoming relevant for Romanian BESS projects.
For lenders, this matters because fire risk is not only technical. It affects insurance, permits, EPC liability, O&M obligations and operational availability.
20. Due diligence checklist for PV + BESS projects
- Corporate Is the SPV clean?
- Are PV and BESS owned by the same SPV?
- Are there side agreements with developers, optimisers or OEMs?
- Are there hidden broker/success fees?
- Is there any state aid or grant restriction?
- Land Does land cover PV and BESS?
- Is there room for battery safety areas?
- Are access roads sufficient for heavy transport?
- Is cable route secured?
- Are land rights registered?
- Is agricultural land regime resolved?
- Permitting Is BESS included in CU?
- Is BESS included in environmental decision/agreement?
- Is BESS included in building permit?
- Is fire safety addressed?
- Are amendments required?
- Are permits still valid?
- Grid Does ATR include PV + BESS?
- What is approved injection capacity?
- What is approved absorption capacity?
- Can BESS charge from grid?
- Can PV and BESS discharge simultaneously?
- Is GCA signed?
- Are reinforcements required?
- Are guarantees constituted?
- Is capacity allocation relevant?
- ANRE Is establishment authorisation issued?
- Does it include storage?
- Is the licence route production + storage or standalone storage?
- Are trader/aggregation rights needed?
- Are reporting obligations clear?
- Are extensions needed?
- Commercial What is the revenue model?
- Is BESS revenue contracted or merchant?
- Is PPA shaped or as-produced?
- Are GOs included?
- Is CfD involved?
- Who bears imbalance and curtailment risk?
- Is optimiser agreement bankable?
- Financing Do lenders accept BESS revenue assumptions?
- Are EPC/OEM warranties aligned?
- Is degradation model credible?
- Is insurance available?
- Are direct agreements needed?
- Are step-in rights available?
21. Main red flags
| Red flag | Why it matters |
| BESS appears only in teaser | Storage value is speculative |
| ATR covers PV only | BESS has no secured grid right |
| Building permit excludes BESS | Not RTB for hybrid project |
| Environmental act excludes storage | Revision may be required |
| No import capacity for battery | Arbitrage model may fail |
| Grid charging not allowed | Revenue stack may be overstated |
| BESS not in ANRE authorisation | Licensing gap |
| State aid transfer not analysed | Clawback / consent risk |
| PPA assumes firm delivery without sufficient storage | Delivery risk |
| GO treatment unclear | ESG / buyer claim risk |
| Fire safety not developed | Permit, insurance and lender risk |
| Capacity allocation unclear | Grid right may not be secure |
| GCA missing | Connection economics not locked |
| BESS optimiser contract weak | Revenue not bankable |
| Technology change after permits | Amendment risk |
22. SPA protections for PV + BESS acquisitions
A buyer acquiring a Romanian PV + BESS project should not rely on generic renewable energy warranties.
The SPA should include BESS-specific protections.
Conditions precedent
The seller should warrant that:
Specific indemnities should cover:
For PV + BESS, price should be staged if storage is not fully mature.
Possible milestones:
The buyer should not pay full hybrid value if only the PV part is legally RTB.
23. Financing perspective
Lenders will review PV + BESS projects more strictly than PV-only projects.
They will ask:
- Is storage legally permitted?
- Is storage included in ATR/GCA?
- Can the battery charge and discharge as modelled?
- Is BESS revenue contracted or merchant?
- Is the degradation model credible?
- Are warranties bankable?
- Is fire risk insured?
- Are there direct agreements with EPC/OEM/optimiser?
- Is PPA delivery realistic?
- Does CfD interact with BESS revenue?
- Are GOs correctly treated?
- Can lenders step in if the project company defaults?
A lender may accept PV revenue as relatively familiar. BESS revenue is more complex and will be discounted unless supported by strong contracts and legal certainty.
24. Practical conclusion
Co-located PV + BESS projects are likely to become one of the most important renewable energy investment structures in Romania.
They respond to real market needs: solar capture risk, grid congestion, volatility, imbalance costs, corporate PPA shaping and system flexibility.
But the legal analysis must be precise.
A Romanian PV + BESS project is not bankable because the financial model includes a battery. It is bankable only if the battery is legally part of the project.
That means:
The market will increasingly distinguish between three categories:
- PV-only projects with future BESS upside
- BESS-ready projects with partial legal maturity
- true bankable PV + BESS projects.
Only the third category deserves full hybrid valuation.
In Romania, the real value is not in saying “PV + BESS”.
The real value is in proving that the PV and the BESS can be built, connected, licensed, operated and monetised as one coherent investment asset.
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, EPC and O&M contracts, project acquisitions, project finance support 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.