THE ROLE OF THE PRIVATELY ADMINISTERED PENSION SYSTEM IN ROMANIA IN FINANCING AND SUPPORTING THE DEVELOPMENT OF AGRIPHOTOVOLTAICS

In this article, the authors analyzed the strategic connection between the private pension system in Romania and the agriphotovoltaic potential, emphasizing the importance of these funds as a source of institutional capital for the energy transition and sustainable agriculture. Thus, the possibility of mobilizing financial resources from Pillar II towards agriphotovoltaic infrastructure was examined, simultaneously contributing to climate objectives, food security and long-term returns of the funds. Privately managed pension funds, as institutional investors with long-term horizons and responsibility for the financial security of participants and beneficiaries, are constantly identifying assets that combine sustainable returns, controlled risk and positive social impact. In this context, agriphotovoltaic systems represent an emerging opportunity for diversifying the investment portfolio towards green and multifunctional assets. In order to achieve the research goal, the authors conducted a study on the investment activity of privately managed pension funds in Romania, using data published by the Financial Supervisory Authority, for the period 2010-2024. At the same time, in order to evaluate agriphotovoltaic projects by private pension funds, the authors proposed an ESG matrix model, structured on the dimensions E (Environment), S (Social) and G (Governance), with scores from 1 (very poor) to 5 (excellent) and importance weights. The research results highlighted the fact that in Romania, although there are favorable legal premises, there is a lack of unified and explicit regulation for agriphotovoltaics. However, private pension funds can invest indirectly through infrastructure funds, public-private partnerships or green investment vehicles.