Context: GR290 (M33/V532=Romano's Star) is a suspected post-LBV star located in M33 galaxy that shows a rare Wolf-Rayet spectrum during its minimum light phase. In spite of many studies, its atmospheric structure, its circumstellar environment and its place in the general context of massive stars evolution is poorly known... Aims: Detailed study of its wind and mass loss, and study of the circumstellar environment associated to the star. Methods: Long-slit spectra of GR290 were obtained during its present minimum luminosity phase with the GTC together with contemporaneous BVRI photometry. The data were compared with non-LTE model atmosphere synthetic spectra computed with CMFGEN and with CLOUDY models for ionized interstellar medium regions. Results: The current $m_V=18.8$ mag, is the faintest at which this source has ever been observed. The non-LTE models indicate effective temperature $T_{eff}$=27-30 kK at radius $R_{2/3}$=27-21 Rsun and mass loss rate $\dot{M}=1.5\times10^{-5}$ Msun yr$^{-1}$. The terminal wind speed $V_\infty$=620 ${\rm km~s^{-1}}$ is faster than ever before recorded while the current luminosity $L_*=(3.1-3.7)\times 10^5$ Lsun is the lowest ever deduced. It is overabundant in He and N and underabundant in C and O. It is surrounded by an unresolved compact HII region with dimensions $\leq$4 pc, from where H-Balmer, HeI lines and [OIII] and [NII] are detected. In addition, we find emission from a more extended interstellar medium (ISM) region which appears to be asymmetric, with a larger extent to the East (16-40 pc) than to the West. Conclusions: In the present long lasting visual minimum, GR290 is in a lower bolometric luminosity state with higher mass loss rate. The nearby nebular emission seems to suggest that the star has undergone significant mass loss over the past $10^4-10^5$ years and is nearing the end stages of its evolution. (read more)