Romanian market analysis

As part of a recent commercial due diligence and utilisation study of two near-RTB PV and co-located BESS projects in Romania, one observation stood out.

A project reaching Ready-to-Build status is no longer the finish line. In many cases, it is only the starting point of the real commercial assessment.

Merchant revenues, capture price erosion, balancing costs, grid access, ancillary service opportunities and financing requirements increasingly need to be evaluated as one integrated business case rather than in isolation.

Our analysis also confirmed that while a co-located BESS can significantly improve project economics, bankability still depends on securing a sufficiently predictable revenue structure. Long-term PPAs, floor mechanisms or other financial products and stabilisation solutions are becoming just as important as technology selection itself.

This reflects a broader trend we see across CEE and Southern European renewable markets: investment decisions are becoming less about identifying attractive projects, and increasingly about understanding the market environment in which those projects will operate.

At Mercurio Advisory, we support investors, lenders and developers with market assessments, commercial due diligence and investment analysis across the CEE and Southern European renewable energy markets, helping bridge technical development with commercial bankability.