On 12 May 2025, the Romanian energy ministry launched the second CfD auction aiming to support 2 GW onshore wind and 1.5 GW solar capacity with ceiling prices set at EUR 80/MWh and EUR 73/MWh respectively.
Auction results were announced on 13 August 2025. A total of 1.49 GW solar capacity was successful, fulfilling the set quota. The weighted average price stood at EUR 40.35/MWh – around 45 % below the ceiling and some 20 % lower than last year’s average auction price.
In contrast, only 1.26 GW onshore wind capacity was awarded at an average EUR 73.89/MWh – around 8 % below the ceiling and 14 % above last year’s average auction price. Grid bottlenecks and relatively short implementation deadlines may have contributed to the limited interest in onshore wind this time around.
Successful bidders have until 16 September 2025 to sign their CfDs which will last for 15 years. The target commissioning should be no later than 36 months from the date of CfD signing.
The list of awarded projects confirms that most are due to come online by 16 September 2028. This and last year’s auctions combined will support a total of 4.3 GW capacity (1.9 GW solar and 2.4 GW onshore wind) – 700 MW less than initially planned.
The Romanian Energy ministry is currently collecting expressions of interest in a separate CfD auction for onshore wind capacity which could be held by 31 December 2025.
Earlier this year, Romania took first steps to establish a liquid GO market with the intention of becoming a member of the Association of Issuing Bodies (AIB) by June 2026 and establish cross-border GO transfers by 1 January 2027. However, meeting these deadlines may prove challenging, as per Veyt’s assessment. AIB recently confirmed that Romania has not yet applied for membership.
Energy regulator ANRE has been tasked with establishing a CEN – EN 16325 standard’s compliant GO system, as well as to launch auctions for supported GOs, among others.
GOs issued to the CfD recipients will be included in these auctions. Auction volumes are estimated at 3.4 TWh in 2026, rising to 12.8 TWh by 2030. These GOs are planned to be offered at a minimum price of EUR 1/MWh.
The supported GOs will be first offered to industrial consumers who need to comply with the Corporate Sustainability Reporting Directive (CSRD). Any unsold volumes will be then offered at a secondary auction to electricity suppliers to cover their GO needs for the previous quarter.
The results of the second Romanian CfD round confirm that supply in the future GO auctions will be steadily increasing as awarded projects gradually start commercial operation in the next few years. However, overall GO auction supply in 2030 may fall short of the projected 12.8 TWh if the government fails to attract investors for the 700 MW onshore wind capacity that remained unawarded.
With the bulk of the planned 5 GW CfD capacity now auctioned, the country’s nascent PPA market is expected to see more activity as investors seek to find offtakers for the capacity that did not qualify for government support.
The Romanian PPA market grew in 2024 with nine reported deals totaling almost 500 MW capacity. One third of the PPAs were virtual PPAs, according to the Veyt PPA transactions database.
In the first seven months of 2025, Veyt recorded five Romanian PPAs covering 20 MW onshore wind and 28 MW solar capacity as the average transaction size dropped year on year.
A review of the winning companies points to investors seeking to finance large-scale projects with a combination of CfDs and PPAs. For example, Rezolv Energy was one of the biggest winners in the second CfD auction via its project companies West Power Investments and Midmar Callatis.
They secured CfDs for 520 MW of the planned 1,05 GW Dama solar project and 211 MW of the planned 300 MW Dunarea East onshore wind project, bidding at EUR 42.20/MWh and EUR 65.17/MWh respectively.
Rezolv Energy will have to find PPA offtakers for the remaining projects’ capacity, including for the planned Dunarea West project.
Last year, Rezolv Energy secured a CfD for 240 MW of the 450 MW VIFOR onshore wind project, while also signing three virtual PPAs for the unawarded capacity, according to Veyt’s PPA database.
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