Investor guide to entering Romania's renewable energy market, covering first project acquisitions, RTB risk, ATR, grid connection, BESS, ANRE rules and bankability.
Entering the Romanian renewable energy market is still attractive, but the first question is not whether a project looks good in a teaser. The first question is whether the project can connect to the grid, keep its.
Direct answer for investors
Entering the Romanian renewable energy market is still attractive, but the first question is not whether a project looks good in a teaser. The first question is whether the project can connect to the grid, keep its ATR, reach the connection certificate and become financeable.
If we were sitting over coffee and you told me, "I want to buy my first Romanian solar, BESS or hybrid project," I would probably smile and say: good, Romania is an exciting market. But before you fall in love with capacity, land size or an RTB label, start with the grid.
Not with the panels. Not with the battery containers. Not with the production curve in the financial model. Not even with the land.
In Romania, the first serious question is often brutally simple:
Can this project actually connect to the grid, when, at what cost, and under what limitations?
That is why the ATR, the technical connection approval, is one of the most important documents in Romanian renewable energy transactions.
Romania is attractive, but it is not a spreadsheet market
Romania has many of the things renewable energy investors like:
So yes, Romania is attractive. But Romania is not a market where you buy a spreadsheet and assume the legal reality will follow.
In Romanian renewable energy, value is not created only by megawatts. Value is created by legal maturity.
A good project is not simply "100 MW solar plus optional BESS". A good project is a project where the legal, technical and financial documents tell the same story.
That means:
That is the difference between a nice opportunity and a bankable project.
What is an ATR in Romania?
The ATR is the technical connection approval issued by the competent network operator. It sets the technical and economic conditions for connecting a consumption site, production site, storage installation or hybrid project to the electricity grid.
Under the Romanian connection framework, the ATR contains the technical-economic connection conditions. Fulfilment of those conditions is later confirmed through the connection certificate.
This distinction matters. The ATR is not the end of the road. It is the beginning of the serious road.
A project with an ATR has not necessarily solved all grid risks. It has received a connection offer under defined conditions. A serious investor still needs to check:
For a serious investor, the ATR is not a trophy. It is a legal and technical document that must be dissected.
The Romanian grid connection procedure, explained like a business story
The official connection process under ANRE Order 59/2013 includes several stages: preliminary information, submission of the connection request, establishment of the connection solution, issuance of the ATR, signing of the connection agreement, execution of connection works, test energization where applicable, issuance of the connection certificate and final energization.
In business language, the journey looks like this.
Stage 1: You identify the project
You find land. You check the solar or wind resource. You look at the map. You talk to the local authority. You estimate capacity. You ask whether the project is pure PV, PV plus BESS, wind plus BESS, hybrid or standalone BESS.
Already, legal questions appear:
If the land is weak, the project is weak. But even if the land is good, the real bottleneck may still be the grid.
Stage 2: You file the connection request
The connection request is submitted to the competent network operator. For production sites above 50 MW, the request is addressed to the transmission system operator, Transelectrica. For production sites up to and including 50 MW, it is usually addressed to the relevant distribution operator, depending on the project location and nearby network.
This threshold matters, but reality can be more complex.
A 40 MW project may still depend indirectly on upstream transmission conditions. A distribution connection may require works in a Transelectrica station. A local grid may appear available, but upstream constraints may create limitations.
The connection request generally includes technical data, identification data, estimated energization dates, installed capacity, staged development information and, where applicable, capacity allocation elements.
This is not just paperwork. The data submitted at this stage may shape the entire future of the project.
If capacity is overstated, guarantees and technical complexity may increase. If it is understated, later updates may be required. If the BESS design changes, the investor needs to understand whether the ATR must be updated. If the PV DC/AC ratio changes, the investor must know whether this affects connection conditions.
A serious project starts with technical-legal consistency.
Stage 3: The operator checks the file
The operator checks whether the documentation is complete. If documents are missing, the operator requests completion. The regulation provides a 10-working-day period for the operator to verify the documentation.
This stage sounds administrative, but in practice it can become a development bottleneck because the connection file depends on documents that must match each other:
If the legal documents say one thing and the technical documents say another, the project creates problems early. Good development is not about collecting documents. It is about making them consistent.
Stage 4: The connection solution is established
This is where the project starts to become real.
The operator establishes the connection solution, usually through a solution sheet or solution study, depending on the case. For large renewable projects, the solution study is often the heart of the grid analysis.
It tells you:
This is where many investors make a mistake. They see "ATR issued" and assume the grid risk is solved. Sometimes the real story is hidden in the technical conditions:
A project may have an ATR and still be difficult to finance.
The N-1 question: why connected does not always mean fully usable
If I were advising a friend entering the Romanian market, I would insist on one point:
Do not only ask whether the project has an ATR. Ask what kind of grid access the ATR gives you.
The connection solution may include operational limitations on the maximum power exported into the grid, including limitations that may go down to zero in certain N-1 operating regimes if overloads would occur.
In simple terms, the grid has normal operation and contingency operation. A project may be allowed to export in normal conditions but limited when one grid element is out of service.
For investors and lenders, this affects:
So, when someone says "the project has grid", my response is simple:
Show me the ATR. Show me the solution study. Show me the limitations. Show me the N-1 regime. Show me the connection certificate path.
That is where the truth is.
The ATR is issued, but the clock starts ticking
Once the connection solution is established and the conditions are met, the ATR is issued. The ATR is the connection offer, but it is not immortal.
One of the key risks is that the ATR may cease if the connection agreement is not signed within the applicable deadline. In many practical due diligence exercises, the 12-month period from issuance is a critical check.
If a seller says the project has an ATR, ask:
An ATR close to expiry is not the same as a freshly issued ATR with a clear path to a connection agreement. Time matters.
The connection agreement is where commercial reality begins
After the ATR, the project must move to the connection agreement. This is where obligations become more concrete. The user pays the connection tariff according to the deadlines set in the connection agreement.
The connection agreement tells you:
For M&A, the connection agreement is one of the first documents I would read. Not skim. Read.
The value of a Romanian renewable energy project may depend on one deadline, one condition or one reinforcement obligation.
Works, testing, connection certificate and final energization
Once the connection agreement is in place, the project enters implementation.
Connection works are performed. The connection installation is commissioned. The user installation may be energized for tests, where required. Technical conditions are verified. The connection certificate is issued. Final energization follows.
The connection certificate is important because it confirms that the conditions set in the ATR have been fulfilled. Staged connection certificates may also be relevant where a project develops in phases.
From a business perspective, this is the point where the project moves from "approved to connect" toward "actually connected".
For lenders, this is a major derisking event. For buyers, it may influence price. For developers, it may trigger deferred consideration. For project finance, it may unlock the next stage.
What changed with the 2026 capacity allocation regime?
Romania has already moved toward a stricter and more competitive grid access model for larger projects.
ANRE Order 79/2025, published in the Official Gazette on 19 December 2025, amended the capacity allocation framework. From 1 January 2026, the methodology applies to connection or capacity allocation requests for production or consumption-and-production sites with installed generation capacity equal to or above 5 MW, subject to the transitional rules.
For 2026, the transitional calendar includes:
- 14 July 2026 for capacity allocation requests
- 23 October 2026 for the global grid solution study
- 30 October 2026 for the start of daily capacity auctions.
This matters because for larger projects, grid capacity is no longer simply a chronological race. It becomes a competitive asset.
For investors, this adds a new due diligence question:
Does the project already have a protected grid position, or must it compete for capacity?
What about the April 2026 draft reforms?
As of 29 April 2026, further ANRE and Government-backed proposals are being discussed around stricter guarantees, deadlines and authorization discipline. These proposals should be treated as draft or consultation-stage rules until adopted in final form.
The direction is clear: Romania wants to clean the grid queue and reduce projects that block capacity without moving toward construction.
The draft and public proposals discussed in April 2026 include measures such as:
The business impact is significant. This is no longer just a grid procedure. It is a full bankability test.
The good intention: cleaning the grid queue
The intention behind stricter rules is understandable.
Romania has a real problem with projects that block grid capacity without moving toward construction. This hurts serious investors. It creates noise in the market. It inflates pipeline numbers. It makes grid planning harder. It gives false comfort to policymakers. It complicates M&A. It slows down real projects.
If a project has no land, no financing, no permitting path and no intention to build, it should not block capacity indefinitely.
The hard part is distinguishing a fake project from a complex but real project.
The risk: punishing complexity as if it were speculation
Renewable energy projects are not simple. A serious project may be delayed because of:
None of these automatically means the project is speculative.
Sometimes the developer is working every week, spending real money, negotiating with real contractors and talking to real banks, while the project is still delayed.
A smart regulation should punish inactivity, not difficulty. It should remove paper projects, not make real projects unfinanceable.
What I would tell an investor before buying
If you are entering Romania now, be optimistic but disciplined.
Romania is still a strong opportunity. But you need to buy legal certainty, not just megawatts.
Before acquiring a project, ask these grid questions:
Ask these permitting questions:
Ask these ANRE questions:
Ask these transaction questions:
This is how you avoid buying a beautiful problem.
What developers should do
If you are a developer, the market now requires a different mindset.
You cannot develop only for the teaser. You must develop for due diligence.
That means:
The developers who win will be those who can show not only that they have projects, but that they have defensible projects.
What lenders will care about
Banks will look not only at permits, but at survival risk.
A lender will ask:
If the answer is unclear, financing becomes more expensive or unavailable.
That is why legal structuring matters before financial close, not after.
What makes a good Romanian renewable energy project now?
In the new Romanian market, a good renewable energy project is not simply a project with capacity.
It is a project with coherence:
The best projects will be those where the land matches the layout, the ATR matches the design, the building permit matches the project, the ANRE authorization matches the capacity, the connection agreement matches the timeline, the financial model reflects grid limitations and the SPA reflects regulatory risk.
That is what a serious investor should look for.
Business conclusion
Romania remains attractive, but it is not easy. The market is maturing, and maturity always brings a price.
In the early days, people made money by identifying opportunities before others. In the next phase, people will make money by understanding risk better than others.
The winners will not be those who collect the largest number of projects. The winners will be those who can distinguish:
Romania does not need more speculative megawatts. Romania needs projects that can be built.
Investors need advisers who understand not only the law, but how development, financing, grid access and transactions work together.
How Grigorescu Partners helps investors and developers
At Grigorescu Partners, we advise investors, developers and lenders active in renewable energy and storage projects in Romania.
Our work focuses on:
If you are entering the Romanian renewable energy market, the key question is not only: does the project have an ATR?
The better question is: can the project keep its ATR, reach the connection certificate and become bankable?
That is where real value is created. And that is where legal work matters.
FAQ
What is an ATR in Romania?
The ATR, or technical connection approval, is the document setting out the technical and economic conditions for connecting a project to the electricity grid in Romania. It is essential for renewable energy, PV, wind, BESS and hybrid projects.
Is an ATR enough to make a Romanian renewable project RTB?
No. An ATR is important, but a true RTB project also requires land rights, permitting, environmental clearance, building permit status, connection agreement status, ANRE authorization analysis and a realistic path to the connection certificate.
What is the main risk in Romanian renewable energy projects?
One of the main risks is grid connection risk: whether the project can connect, when it can connect, at what cost and with what operational limitations.
What changed in Romania from 2026?
For projects with installed generation capacity equal to or above 5 MW, Romania moved toward a capacity allocation regime based on global grid studies and auctions, subject to transitional rules. This makes grid access more competitive and more timing-sensitive.
What are the April 2026 ANRE and Government-backed proposals?
As of 29 April 2026, the market is discussing stricter guarantees, tighter deadlines and stronger links between ATR, building permit, ANRE authorization and project progress. These should be treated as draft or consultation-stage measures until adopted in final form.
Why does BESS require special analysis in Romania?
BESS projects depend not only on grid connection, but also on trading, balancing, aggregation, technical qualification, revenue stacking and market rules. Their legal and commercial structure is different from classic PV projects.
How should investors assess RTB projects in Romania?
Investors should review ATR validity, connection agreement status, building permit, ANRE authorization, grid limitations, guarantees, land rights, environmental documents, connection costs and the realistic timeline to energization.
Sources checked
ANRE connection framework and Order 59/2013 materials: https://arhiva.anre.ro/ro/energie-electrica/legislatie/norme-tehnice/racordare-la-retele-de-interes-public
Order 79/2025 capacity allocation text as published in the Official Gazette and reproduced by Lege6: https://lege6.ro/app/document/ge3tomrqhe2tc/ordinul-nr-79-2025-privind-modificarea-si-completarea-ordinului-presedintelui-autoritatii-nationale-de-reglementare-in-domeniul-energiei-nr-53-2024-pentru-aprobarea-metodologiei-privind-alocarea-capac
April 2026 public reporting on Government proposals regarding guarantees: https://agerpres.ro/politic/2026/04/15/cancelaria-premierului-propune-anre-cresterea-substantiala-a-garantiei-financiare-pentru-dezvoltator--1546931
April 2026 public reporting on ANRE licensing consultation: https://economedia.ro/masuri-mai-stricte-pentru-licentierea-investitorilor-in-energie-anre-impune-garantii-pentru-fiecare-kw-instalat.html