Australian renewable energy developer CWP has teamed up with Mercuria Energy Trading to complete the development of its 2GW renewable energy projects in Southeast Europe.

Comprising large-scale wind, solar, and battery storage projects across Bulgaria, Serbia, Romania and Ukraine, CWP’s development portfolio is active since 2018.

Bulgaria, Serbia, Romania and Ukraine are considered as Europe’s most carbon-intensive energy markets, with coal still being used predominantly.

Established in 2004, Mercuria is a commodity trading company that handles crude oil, refined petroleum, natural gas, power, biodiesel, base metals and agricultural products.

Under the partnership, Mercuria will provide its expertise in energy markets to enable CWP Europe to realise its €1.9bn investment plans over coming years.

The partnership is expected to strengthen CWP Europe’s expertise in trading renewable energy assets and enhance its offerings to corporate and industrial power off-takers.

CWP Europe CEO Dimitar Enchev said: “We see a tremendous opportunity in these markets, where a massive amount of expensive and polluting coal needs to be replaced with renewables as quickly as possible.

“This is the only way to achieve decarbonisation targets, keep power prices in check in the long run, and maintain the region’s economic competitiveness. Partnering with Mercuria will allow us to supercharge our already ambitious plans.”

CWP is engaged in developing, managing, and owning renewable energy projects, using an advanced approach for each project from inception to full operation.

The company has developed the 156MW Čibuk project, which is said to be the largest wind farms in Serbia and the 600MW Fântânele-Cogealac project in Romania.

In Australia, it has developed 760MW of renewable energy capacity, with additional 2.5GW of wind, solar, and storage under development with joint venture partners.

Mercuria’s investment in CWP Europe is expected to boost the development of its existing portfolio and expand the opportunity with additional developments.

Also, the investment will support the company’s efforts to advance decarbonisation activities in the four carbon-intensive countries.

Mercuria energy transition vice president Jean-François Steels said: “We are pleased to join CWP Europe to help provide needed low-cost green energy to Southeast Europe.

“We look forward to working together with the CWP team by further developing their portfolio and bringing our commodities market expertise to their strategy.”