Romania Renewable Energy Market 2026: Legal Risks for Solar, BESS & Grid Investors

Executive answer

Romania remains one of the region's most attractive renewable energy markets, but 2026 value will sit in projects that are legally mature, grid-real, financeable and capable of reaching COD.

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1. Executive summary

Romania’s renewable energy market is entering a new phase.

The first phase was opportunity. The second phase was pipeline inflation. The third phase — starting now — is discipline.

In 2026, investors should expect:

The best Romanian renewable projects in 2026 will not be the ones with the largest theoretical capacity.

They will be the ones where land, permits, grid, ANRE approvals, financing and revenue strategy all work together.

2. Romania’s 2026 renewable market: strong growth, but not all MW are equal

Romania’s solar market grew significantly in 2025. According to RPIA data reported by PV Magazine, Romania added 2.2 GW of solar capacity in 2025, taking cumulative installed solar capacity above 7 GW. The 2025 additions included around 1 GW from prosumers and 1.2 GW from utility-scale projects, with the utility-scale segment almost doubling year-on-year.

This is a strong signal. Solar is no longer a marginal part of the Romanian electricity system. It is becoming one of the core generation technologies.

At the same time, the market is not equally mature across all projects. ANRE data reported in April 2026 showed 1,431 renewable projects with valid ATRs, totalling 81,322 MW of approved capacity. But only 871 projects had signed grid connection agreements, 595 projects had both grid connection agreements and building permits, and 107 advanced projects, totalling 3,843 MW, were expected to reach COD in 2026.

This gap is the most important legal and commercial point in the Romanian market.

Romania has a huge pipeline on paper. But investors should focus on the smaller subset of projects that can actually be built, connected and operated.

3. The central 2026 theme: from speculative MW to bankable MW

The Romanian authorities are clearly moving against speculative grid reservations.

In April 2026, ANRE announced a major change in the philosophy of grid connection and licensing. The announced package includes a EUR 20/kW guarantee for participation in capacity allocation auctions, an increase of the grid connection guarantee from 5% to 20% of the connection tariff, and a EUR 30/kW guarantee for obtaining or extending ANRE establishment authorisations. ANRE expressly framed the reform as a way to stop speculative projects and move from “MW on paper” to real projects connected to the grid.

This is a turning point.

For serious investors, the reform may be positive because it can clean the market and reduce artificial grid blocking. But it also increases the capital intensity of development. A 100 MW project may face millions of euros in guarantees before COD, depending on its status and applicable regime.

The practical consequence is simple:

In 2026, grid and licensing guarantees must be treated as part of project economics, not as administrative details.

4. Solar PV: the fastest-moving segment, but grid access is the filter

Solar remains the most dynamic part of Romania’s renewable market.

The market has several growth drivers:

RPIA expects Romania to remain on a strong trajectory in 2026, with PV Magazine reporting expectations of up to 2.5 GW of additional capacity by the end of 2026, split between prosumer and utility-scale installations.

But the legal outlook for solar is not simply “growth”.

It is growth under constraint.

The biggest legal and commercial issues for solar projects in 2026 are:

A solar project with land and an ATR is no longer automatically attractive. Investors now need to ask whether the project has a signed GCA, whether reinforcement works are required, whether the building permit covers all components, whether ANRE authorisation is secured, and whether the project can realistically reach COD.

5. Wind: more selective, but still strategically relevant

Wind remains important in Romania, but the 2026 market is more selective than solar.

Wind projects usually face longer development timelines, more complex environmental assessment, aviation and defence constraints, turbine-layout sensitivity and more difficult grid integration. This does not make wind unattractive. It means wind projects require deeper due diligence.

For wind investors, the main 2026 legal issues are:

CfD support may improve wind bankability where the project wins support, but outside the CfD framework, wind projects still require robust PPAs or merchant-risk analysis.

The best wind projects in Romania in 2026 will be those with a mature permitting package, strong grid position and credible COD timeline.

6. BESS: from “nice to have” to investment thesis

Battery energy storage is one of the strongest 2026 themes in Romania.

BESS is becoming important for at least five reasons:

In March 2026, the European Commission approved a EUR 150 million Romanian state aid scheme to support at least 2,174 MWh of new standalone battery storage capacity, financed through the Modernisation Fund and awarded through competitive tendering.

This is a major signal. Standalone BESS is no longer only a private merchant opportunity. It is now part of Romania’s energy policy.

But BESS is also legally complex.

A standalone BESS project must be analysed as:

For investors, the main legal question is not “how many MWh?”. It is:

Can the BESS legally charge, discharge, trade, provide services and monetise the revenue stack assumed in the model?

This requires reviewing ATR import/export capacity, GCA terms, ANRE establishment authorisation, storage licence, fire safety, environmental permitting, metering, market access, aggregation/trading rights and any state aid restrictions.

7. Grid access: the biggest bottleneck in Romania

Grid access remains the most important legal issue in Romanian renewable energy.

The ATR is still a key value document, but it must be reviewed carefully. Investors should distinguish between:

ANRE’s official electricity page confirms that Order 79/2025 amended the capacity allocation methodology introduced by Order 53/2024, with publication in the Official Gazette on 19 December 2025.

This matters because grid capacity allocation is now becoming a central part of the development process for larger projects. Legal analysis must determine whether a project is grandfathered under the old regime or exposed to the new capacity allocation mechanism.

For investors, the questions are:

• Does the project already have a valid ATR?
• Is there a signed grid connection agreement?
• Is capacity allocation required?
• Are financial guarantees required?
• Are reinforcement works required?
• Is the connection tariff final?
• Are there N / N-1 restrictions?
• Can the project energise before upstream works?
• Is the project exposed to curtailment?
• Is the grid right transferable through the transaction?

In 2026, a renewable project’s value is increasingly determined by the quality of its grid position.

8. ANRE licensing: establishment authorisation becomes a capital filter

ANRE licensing is also changing.

The current licensing and authorisation framework is governed by ANRE Order 6/2025, which approved the Regulation for granting licences and authorisations in the electricity sector. The regulation entered into force in 2025 and is the main licensing reference for 2026.

For renewable projects above the applicable threshold, the ANRE establishment authorisation remains a core project document. It is not just a formality. It confirms the regulatory right to establish the energy capacity.

The April 2026 ANRE reform direction makes this more important because establishment authorisations and extensions are expected to be linked to financial guarantees.

For investors, this changes due diligence:

In February 2026, ANRE reportedly approved almost 850 MW of new renewable generation capacity and 596 MW of storage in one regulatory meeting, with the largest project being a 550 MW photovoltaic plant in Giurgiu County with 534 MW of storage.

This shows that ANRE continues to approve large projects. But it also shows that the projects able to move through ANRE are increasingly large, sophisticated and storage-integrated.

9. CfDs: bankability anchor, but not a solution for all projects

Romania’s Contracts for Difference scheme is one of the most important support mechanisms for the market.

The second CfD auction, supported by the EBRD, awarded 2,751 MW of capacity, bringing the combined capacity awarded in the first two auctions to 4.2 GW. The EBRD also noted that solar PV bids were highly competitive, with prices as low as EUR 35/MWh.

For winning projects, CfDs can significantly improve bankability by providing long-term revenue stability. That can help lenders underwrite projects that would otherwise be exposed to merchant volatility.

But the CfD scheme also introduces compliance obligations:

For investors, the legal question is not only whether a project won CfD support. It is whether the project can comply with the CfD contract and still maintain a coherent route-to-market.

A CfD-backed project may still need a PPA or market access contract, but the PPA must be consistent with CfD settlement and state aid rules.

10. PPAs: growing market, but still not fully mature

PPAs are increasingly important in Romania, especially for projects outside the CfD framework.

Romanian law now supports directly negotiated bilateral contracts, and OUG 163/2022, as amended, recognises renewable energy purchase agreements. EU law also pushes Member States to remove unjustified barriers to long-term renewable PPAs.

However, Romania’s PPA market is still constrained by several factors:

PV Magazine reported that Romania had seen 29 PPAs signed to date, including 15 solar, 12 wind and two hybrid solar-wind projects, while noting that the limited tradability of guarantees of origin still constrains the pool of offtakers.

This is a key legal point.

A Romanian PPA is not bankable only because it is signed. It must properly allocate:

11. Guarantees of origin: 2026 is a transition year

Guarantees of origin are becoming increasingly important for Romanian renewable energy projects.

They matter for corporate PPAs, ESG reporting, green claims, supplier disclosure and potential revenue stacking.

EY’s analysis of OUG 59/2025 notes that guarantees of origin in Romania are moving from a traceability instrument toward a more operational and commercial mechanism. The same analysis notes Romania’s progress toward Association of Issuing Bodies integration and a more standardised GO market.

PV Magazine also reported that Romania became an AIB observer in 2025 and is working toward full membership, with GO tradability seen as an important condition for expanding the PPA market.

For investors, the legal outlook is positive but still transitional.

In 2026, GO value should be treated carefully in financial models. It may become more important, but assumptions on GO revenue should be supported by clear contractual rights, registry mechanics and market access.

12. RED III and OUG 59/2025: acceleration zones, but not automatic permitting

Romania has started implementing the RED III acceleration logic through OUG 59/2025.

The official legislative text provides that by 31 December 2026, the Government should approve the plan or plans designating renewable acceleration areas for one or more renewable technologies. The rules prioritise surfaces such as rooftops, building façades, transport infrastructure areas, parking areas, industrial sites, mines, artificial water bodies, contaminated former industrial sites and degraded land, while excluding Natura 2000 sites and sensitive protected areas, subject to detailed conditions.

This is important, but investors should not overstate it.

Acceleration zones may improve permitting timelines and reduce environmental uncertainty for selected areas, but they do not eliminate the need for legal due diligence.

Investors will still need to check:

The opportunity is real, but acceleration zones are not a magic shortcut.

13. Land and permitting: still a decisive investment risk

Romania has improved the development framework for renewables, but land and permitting remain critical.

For utility-scale solar, the key legal risks include:

For wind, risks are more likely to involve:

For BESS, risks include:

A legal outlook for 2026 must be very practical: land and permitting will continue to separate bankable projects from development noise.

14. M&A market: more selective buyers, sharper due diligence

Romania remains attractive for renewable energy M&A, but buyers are becoming more selective.

In 2026, investors are likely to discount projects that have:

This means project valuation will increasingly depend on maturity.

A project with ATR only is not the same as a project with ATR, signed GCA, building permit, environmental act, ANRE establishment authorisation and secured land rights.

The market will still buy development projects, but it should not price them as RTB.

15. Financing outlook: lenders will focus on grid and revenue durability

Romanian renewable financing in 2026 will be shaped by two questions:

Can the project reach COD? Can it generate predictable revenue after COD?

For lenders, the key legal issues are:

Merchant-only projects may still be financeable, but debt sizing will be more conservative. BESS projects may require more sophisticated revenue diligence because arbitrage, balancing and portfolio optimisation are less predictable than fixed PPA or CfD revenue.

16. What investors should watch in 2026

The most important legal and regulatory watchpoints for 2026 are:

4. BESS state aid tender

The EUR 150 million standalone storage scheme can create a new wave of BESS projects, but tender conditions, deadlines and change-of-control rules will matter.

5. GO market integration

Progress toward AIB membership and GO tradability could unlock more corporate PPAs.

8. RED III acceleration zones

Acceleration zones may become meaningful only once the Government approves concrete plans by the statutory deadline.

17. Practical risk matrix for 2026

18. Legal outlook by asset type

Utility-scale solar

Positive outlook, but increasingly grid-constrained. Best projects will be those with signed GCA, valid building permit, ANRE authorisation and realistic COD. Solar projects with weak grid rights will be discounted.

Wind

Selective opportunity. Strong projects can benefit from CfD and long-term decarbonisation demand, but permitting and environmental risk remain more complex than solar.

Standalone BESS

Very strong growth outlook, especially with state aid and market volatility. Legal complexity is high. Investors need specialised review of grid rights, licensing, safety and revenue stack.

PV + BESS hybrid

Increasingly attractive, but many projects are still “BESS-ready” rather than legally permitted hybrid assets. Storage must be included in ATR, permits, ANRE authorisation and revenue structure.

C&I / prosumer

Continued growth, supported by subsidies and high energy-cost sensitivity. Legal issues include supply structures, behind-the-meter PPAs, netting rules, grid capacity and ownership of equipment.

Corporate PPAs

Growing but still developing. GO tradability, offtaker creditworthiness and balancing allocation remain key.

19. The 2026 legal due diligence standard

A proper renewable energy legal due diligence in Romania should answer ten questions:

• Is the land legally secured for the entire project, including cable route?
• Is the environmental act valid and aligned with the real project?
• Is the building permit valid and covering all components?
• Is the ATR valid, correctly issued and aligned with the design?
• Is the grid connection agreement signed and bankable?
• Are capacity allocation and guarantee obligations understood?
• Is the ANRE establishment authorisation issued or realistically obtainable?
• Is the production/storage/trading/supply/aggregation licence strategy correct?
• Is the route-to-market legally executable?
• Does the transaction structure preserve all project rights after closing?

This is the standard investors should apply in 2026.

Conclusion: Romania is attractive, but the easy phase is over

Romania remains one of the most attractive renewable energy markets in the region.

Solar is growing fast. BESS is becoming a major investment theme. CfDs have created a credible support route. PPAs are developing. Guarantees of origin are moving toward a more mature framework. RED III implementation may accelerate permitting in selected areas.

But the easy phase is over.

The market is moving from quantity to quality.

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.

• ANRE grid and licensing reforms

• Entering the Romanian renewable energy market

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.