What "Ready-to-Build" Really Means in Romania

Every week I receive project lists marked "RTB" (Ready-to-Build). Solar, wind, storage, sometimes all three on the same plot. And every week, after the first look at the documents, a good part of them turn out to be something else: a project with a grid permit and a lot of hope.

I understand why this happens. The label sells. An investor who reads "RTB" assumes the hard part is done and that construction can start as soon as the money is in place. When that assumption breaks during due diligence, months are lost, trust is damaged, and a deal that could have worked dies for the wrong reasons.

At BRES ENERGY we use a simple rule: a project is RTB only when it is truly ready for EPC (Engineering, Procurement and Construction), without compromise. Not almost ready. Not ready "once one more permit comes through". Ready to hand to a contractor and start.

In practice, that means the full chain is in place. The land rights are secured and registered in the land book (Carte Funciară), whether through ownership, lease or superficies. The zoning plan, PUZ (Planul Urbanistic Zonal, the zonal urban plan), is approved where it is required. The environmental decision has been issued. The ATR (Aviz Tehnic de Racordare, the technical grid connection permit) is valid and its conditions are understood, including the route and cost of the connection. The building permit is issued, and the connection contract with the grid operator is signed. For larger projects, the setting-up licence from ANRE (Autoritatea Națională de Reglementare în Domeniul Energiei, the national energy regulator) is part of the picture too.

If one link is missing, the project may still be a very good asset, but it is not RTB, and we do not present it as such. On our platform it carries an honest status instead. "In Progress" means the ATR and the building permit are issued and the connection contract is still to follow. "In Due Diligence" means the project meets our RTB standard and an investor is already reviewing it.

There is one point I want to address directly, because it scares many foreign investors unnecessarily: reinforcement tariffs. Some ATRs come with a contribution for strengthening the grid. In most cases this amount is never actually paid, because not every ATR reaches COD (Commercial Operation Date). And when it is paid, it is returned within 24 months, because the reinforced grid belongs to the DSO (Distribution System Operator), not to the investor. It is a cash-flow item to plan for, not a cost that destroys a business case.

So what should an investor ask before believing the word "RTB"? I would keep it to three questions. First, can I see every permit, and is each one still valid for the capacity and technology now being offered? Second, does the grid connection described in the ATR match the layout in the building permit? Third, is the connection contract signed, or only expected? If the answers are clear and backed by documents, you are looking at a real RTB project. If they come with "soon" and "in principle", you are looking at development risk, and that should be priced as development risk.

This is also why the projects we present arrive already structured and prepared for due diligence. Not because paperwork is glamorous, but because in this market time is the most expensive resource. An investor who can go from first look to EPC tender in weeks, not quarters, captures the window that others miss.

Romania has real opportunities in solar, wind and storage right now. The difference between a good investment and a costly lesson is often just one honest word on the first page.