Ten years after the European Union vowed to produce 20 percent of its energy from renewable sources by 2020, it has made huge progress toward that goal. Now, a new challenge beckons: In 2018, the EU formally set itself a binding target to achieve 32 percent of energy from renewables by 2030.
The latest edition of Dentons’ “Investing in renewable energy projects in Europe” guide surveys an industry at a crossroads. In some jurisdictions, at least in respect of some technologies, the development of new projects has slowed or come to a halt—often by the curtailing of publicly funded financial support or other regulatory constraints. Elsewhere there is a strong development pipeline, and good projects have little difficulty in finding suitable finance, but for the longer term, there are questions about the system impact of high volumes of variable renewable generation and its implications for electricity market design, which are starting to be addressed systematically only now. Europe continues to benefit from trends like falling technology costs worldwide, but it must compete for attention and investment in an increasingly competitive and global sector.
“We believe that our traditional renewables Guide will be an useful tool for players acting in this sector, as it addresses the major drivers and drawbacks for investments in renewable energy projects in 20 jurisdictions across two continents. Subject to certain legislative changes, the Romanian market might become again attractive for investors given the significant available natural RES resources,” said Claudiu Munteanu-Jipescu, partner and head of the energy practice, Dentons Bucharest.
Dentons has produced this guide in cooperation with RECHARGE, the global source for renewable energy news and intelligence.
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