UEG Signs Acquisition Agreement for Photovoltaic Project in Oltenita, Romania

On November 9, 2024, United Energy Group (UEG) signed the equity acquisition agreement for the Oltenita solar photovoltaic project in Bucharest, the capital of Romania.

The project is located in the southernmost part of the country and is ideal for solar energy development owing to its excellent sunlight conditions. Mr. Milaita Besteac, Mayor of Oltenita, Mr. Dragan Florin, representative of the power grid company, and other distinguished guests attended the ceremony. The event highlighted the growing collaboration between China and Romania in the clean energy sector. Mr. Huyan Tao, General Manager of UEG's Clean Energy Sector, signed the agreement on behalf of UEG. Team members from the project development, technology, and legal teams also participated in the ceremony.

Building on the successful launch of the 99MW wind power project in Jhimpir, Pakistan in 2017, the 2.5MW photovoltaic project in Block-9, Iraq in 2021, and the acquisition of the 250MW photovoltaic project in Bulgaria in 2024, this latest acquisition marks an important milestone for UEG's growing global renewable energy business landscape. By leveraging its expertise in the renewable energy field, UEG is poised to support the construction and operation of the Oltenita project, and contributes to Romania's energy innovation and sustainable development. Going forward, UEG will closely follow the trend of decarbonization and continuously strengthen its technology and project investment in global clean energy.