ROMANIA Law and Practice Contributed by: Luiza Ionescu, Andreea Paraschiv, Amanda Csaki and Cezara Mitea, Stratulat Albulescu Attorneys at Law
Stratulat Albulescu Attorneys at Law Herastrau Business Center HBC, 30-32 Daniel Danielopolu St. Bucharest 014134 Romania
Tel: +40 (21) 316 87 49 Fax: +40 (21) 316 87 56 Email: office@saa.ro Web: www.saa.ro/
1. Market Trends 1.1 Energy and Infrastructure M&A Market In 2025, the energy and infrastructure (E&I) sector acted as the main engine for high-value transactions in the Romanian M&A market. Market data shows that total deal value in Q3 2025 increased by more than 50% year-on-year, with the E&I sector accounting for over 55% of the entire market value during the same period. This robust activity occurred despite persistent mac- roeconomic headwinds. Inflationary pressures have continued to complicate financing conditions and valuation metrics, while higher interest rates have led to greater selectivity among investors. Nevertheless, ongoing geopolitical tensions have, paradoxically, act- ed as a net positive driver for the Romanian E&I space. The regional conflict has elevated energy security from a purely economic consideration to a matter of nation- al security. This has fast-tracked investments both in conventional gas projects aimed at supply independ- ence and in renewable energy developments aligned with Romania’s decarbonisation commitments. Compared to global trends, Romania’s E&I M&A mar- ket has outperformed the broader international pace. While globally the sector has shown a cautious but steady recovery, Romania has experienced a strong- er rebound, driven by a combination of EU funding availability, state-backed infrastructure initiatives, and investor appetite for energy transition assets in a stra- tegically located market at the crossroads of the EU and the Black Sea region.
1.2 Energy and Infrastructure Trends The renewables M&A market, while already on an upward trajectory, has been further strengthened by the successful implementation of the Contracts for Difference (CfD) scheme. This 15-year, state- backed mechanism has fundamentally de-risked the renewables sector. The landmark second CfD auc- tion in August 2025 awarded 2.75 GW of capacity at highly competitive strike prices, and a third auc- tion was launched in October 2025. This scheme has unlocked bankability, transforming renewable projects from speculative ventures into a mature, M&A-ready asset class. ESG criteria have also evolved from a corporate reporting exercise into a core financial strategy. This shift is most clearly reflected at the state level: follow- ing the establishment of its Green Bond Framework in 2023, Romania has successfully raised over RON10.8 billion through sovereign green bond issuances. In a challenging fiscal environment, this mechanism ena- bles the Ministry of Finance to access a dedicated pool of ESG-driven capital to directly fund sustain- able infrastructure, including green public transport and district heating modernisation projects. 1.3 Access to the Energy and Infrastructure M&A Market Market access strategies in Romania’s E&I M&A space have crystallised into three main pathways: • Acquisition (Ready-to-Build): This remains the dominant strategy for investors seeking rapid and de-risked market entry. Buyers are willing to pay a premium for “ready-to-build” (RtB) projects that
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