The USAID-funded Moldova Energy Security Activity (MESA) has approved financial assistance to the UK-based special purpose company, HPI Wind to aid the company’s efforts in attracting renewable energy investments in Moldova.
HPI Wind is a developer platform for the Moldovan renewable energy sector aimed at “pioneering” utility-scale wind power generation in the country. The platform was established by the independent renewable energy developer, hooracán energy in April 2022. “HPI Wind brings a unique combination of renewable energy expertise, local market knowledge and Western business ethics to Moldova,” the company’s press release said.
In the past year, HPI Wind created a 200 megawatts (MW) portfolio of high-quality wind energy projects across Moldova, 105 MW of which has already achieved grid exclusivity. The company’s “full focus” is now on securing funding to further develop the projects and bring them to commercial operation, the press release said.
HPI Wind will receive support for its fundraising process under the MESA framework, implemented by the US consulting and engineering company, Tetra Tech. Additionally, the international investment company, CrossBoundary will act as the transaction advisor.
“Today, as we look forward to the next development chapter on the path to achieving ready-to-build status of our wind projects portfolio by the end of 2024, we are glad to have USAID-funded Moldova Energy Security Activity supporting our fundraising efforts. HPI Wind projects will be the catalyst that Moldova needs to unlock the potential of homegrown renewable energy, creating a strong precedent for further development of wind power generation in Moldova,” said Alex Gospodinov, Director of HPI Wind.
At present, Moldova’s energy self-sufficiency is among the lowest in the world, importing around 80 per cent of its electricity. The country’s contribution of renewables to electricity generation remains “very low,” according to the latest Annual Implementation Report by the Energy Community Secretariat.
MESA is a 4-year project being implemented by Tetra Tech, through which USAID declared to invest at least 59 million US dollars (54.5 million euros) in the consolidation and diversification of Moldova’s energy sector.
“MESA is glad to support initiatives that aim to diversify Moldova’s energy sources, achieve sustainable economic development and contribute to the protection of the environment in the Republic of Moldova,” said Armen Arzumanyan, Chief of Party of USAID MESA.