ENNA grupa is buying a solar and battery project at Medgidia, in Romania's Constanta County, from four individuals who hold it through one company. Enerdatics logs the asset at 319 MW. Only 166 MWp of that is solar. The other 153 MW is not a number anyone has published.
Key takeaways
- ENNA grupa, through ENNA Solar, has agreed to buy 100 percent of CIC Green Energy Medgidia S.R.L., which holds development rights to the 166 MWp Medgidia solar project and its 612 MWh battery. The consideration was not disclosed.
- The sellers are four individuals: Lita Iustin Ionut and Banica Costin-Razvan with 37.5 percent each, Acmola Oedipus with 20 percent and Oprea Adrian Alexandru with 5 percent.
- The battery's published figure is energy, 612 MWh. Enerdatics estimates its power rating at about 153 MW by assuming a four-hour duration, based on the project's 166 MWp of solar and four-hour configurations in recent comparable Romanian battery deals.
- Of the Romanian solar-plus-storage transactions Enerdatics records since the start of 2024 that state both battery power and energy, three run for two hours and two run for four.
- Enerdatics records 37 solar transactions in Romania since the start of 2024, ten with a disclosed value. The nine asset deals among them price between $0.11 million and $1.14 million per MW, at a median of $0.99 million.
What does the 319 MW at Medgidia actually consist of?
One published number and one derived one, added together. The solar plant is 166 MWp across roughly 204 hectares at Medgidia in Constanta County, expected to generate 266,000 MWh a year. The battery alongside it is described in energy terms, 612 MWh, which is how much electricity it holds rather than how fast it can deliver it.
Battery duration is the number of hours a system can sustain output at its full power rating, found by dividing energy capacity in MWh by power capacity in MW. Run that backwards and a power rating only appears once you pick a duration. Enerdatics estimates about 153 MW here by assuming four hours. Add that to the 166 MWp of solar and you get the 319 MW in the record.
The rest of the asset is paperwork rather than plant. In November 2025 CIC Green Energy Medgidia stated that the Romanian environmental authority had decided to issue an environmental agreement. Construction is scheduled for the first quarter of 2027 and operations for the first quarter of 2028, so ENNA is buying consents and a grid position fifteen months before anything is built.
How much does the duration assumption change the number?
It roughly doubles or halves the battery, and with it a third of the project. At four hours, 612 MWh is about 153 MW. At two hours the same 612 MWh is about 306 MW, and the project's blended capacity would be about 472 MW rather than 319 MW. The energy figure is fixed. Everything derived from it moves.
The Romanian record does not settle which reading is right. Five solar-plus-storage transactions since the start of 2024 state both battery power and energy. Three are two-hour systems: Econergy's Ratesti at 120 MW and 240 MWh, Windin Capital's HEPA Energy purchase at 90 MW and 180 MWh, and Vertex Energy's Maruntei-Vest stake at 50 MW and 100 MWh. Two are four-hour: Leonidas Energy's Solwec sale at 10 MW and 40 MWh, and SOL Renewables' Seica Mare at 49 MW and 196 MWh.
So four hours is the minority configuration among Romanian hybrids, three to two. It is also where the standalone storage market has moved, a shift visible when ENGIE bought a four-hour battery for one congested Romanian county and traded duration doubled inside roughly six months. A project reaching construction in 2027 is configured for the market as it will be then, not as it was in 2025, which is why four hours is a reasonable assumption even though it is not yet common.
What would a Romanian comparable put on the solar?
About $164 million, and the denominator matters more here than the multiple. Of the 37 Romanian solar transactions since the start of 2024, ten carry a disclosed value, and nine are asset deals with a usable price per MW, from $0.11 million to $1.14 million at a median of $0.99 million.
Apply that median to the blended 319 MW and the answer is about $316 million. Apply it to the 166 MWp of solar it was drawn from and the answer is about $164 million. The $152 million between those figures exists only because an estimated battery rating sits inside one denominator and not the other. Panels and batteries do not cost the same per MW, so a solar multiple on a blended number is not a valuation, it is a category error.
ENNA has one Romanian print to anchor against. In April 2025 it bought the 87.52 MW Giurgiu I solar project from Kraftfeld for $68.22 million, or $0.78 million per MW, in the upper half of the priced set. Giurgiu I was solar only, a cleaner comparable for the Medgidia panels than for the whole project.
Enerdatics records a second storage scheme in the same town: a 300 MW standalone battery at Medgidia that Alcemi bought in July 2026 as part of a 575 MW Romanian entry, also from individuals. Two storage projects, two unrelated sets of private sellers, one municipality. That seller pattern is the one Enerdatics covered when a UK developer entered Romania by buying from individuals rather than a platform.
What does the deal signal for Romanian solar and storage?
It signals that the sell side in Romania is still private individuals while the buy side has moved to regional strategics. ENNA is a Croatian group expanding across Central and Eastern Europe, and Medgidia is its second disclosed Romanian asset after Giurgiu I. What it is buying is an SPV with an environmental agreement and a grid position, assembled by four people who got there before institutional capital. That generation of sellers holds pipeline project by project rather than inside a platform, so buyers who want scale must repeat the exercise rather than buy a developer.
The second signal is about disclosure. The battery half of a Romanian hybrid is reported in energy terms and the solar half in power terms, so the blended megawatt figure that ends up in a headline is part measurement and part assumption. At Medgidia the assumed part is nearly half the total. As hybrids scale past 300 MW and 600 MWh that ambiguity starts moving valuations by nine figures, visible in the way Romanian solar-plus-storage deals are now financed as hybrid platforms rather than as solar farms with batteries attached.
Frequently asked questions
How much is ENNA grupa paying for the Medgidia project?The consideration was not disclosed. Ten of the 37 Romanian solar transactions Enerdatics records since the start of 2024 carry a disclosed value, at a median of $0.99 million per MW. ENNA's previous Romanian purchase, the 87.52 MW Giurgiu I project in April 2025, priced at $0.78 million per MW.
Is the Medgidia battery 153 MW or 612 MWh?Both describe the same system. The 612 MWh is the published energy capacity. The roughly 153 MW power rating is an Enerdatics estimate assuming four-hour duration, and would be about 306 MW at two hours instead.
When will the Medgidia project be built?Construction is scheduled to begin in the first quarter of 2027, with commercial operations expected from the first quarter of 2028. The project received a decision to issue an environmental agreement in November 2025, and the sale remains subject to Romanian investment screening and competition approvals.
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