Renewable energy developer CWP Global has brought on board an independent energy trader called Mercuria Energy Trading to complete the development and build out its renewable energy portfolio in Southeast Europe that adds up to over 2 GW capacity.
Specifically, Mercuria will invest in CWP Europe and support its more than 2 GW portfolio of large-scale solar, wind and battery storage projects in Bulgaria, Serbia, Romania and Ukraine.
Calling these 4 countries as Europe's most carbon-intensive energy markets and most polluted with highest rates of premature deaths due to the pollution, CWP said they would need thousands of MWs of wind and solar energy to ensure their decarbonization. The 2 technologies come in handy for their competitive pricing compared to any other alternative energy source.
"We see a tremendous opportunity in these markets, where a massive amount of expensive and polluting coal needs to be replaced with renewables as quickly as possible," said Dimitar Enchev, CWP Europe CEO.
With Mercuria, CWP Europe said it will be able to optimize its renewable energy portfolio, better manage market exposure and develop structured transactions for corporate clients, as the company shared it will be able to 'realize its €1.9 billion investment plan over the next several years'.
CWP said in Australia it has realized 760 MW renewable energy capacity, and has another 2.5 GW wind, solar and storage under development in a joint venture with Partners Group.