EBRD And Raiffeisen Bank Fund €110 Million For Two Solar Power Plants In Romania

The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International have announced a €110 million financing package for the construction and operation of two large-scale solar photovoltaic power plants in south-eastern Romania. These projects, located in Iepuresti and Ghimpati, will have a combined installed capacity of approximately 300 MW, reflecting the growing confidence in Romania’s renewable energy sector following significant regulatory reforms aimed at boosting the country’s green energy ambitions.

The financing package consists of two €55 million loans—one from the EBRD and the other from Raiffeisen Bank International. The loans will be disbursed in two tranches of €25 million and €30 million. The first tranche will benefit from a first-loss guarantee provided by the European Union under the InvestEU programme, which aims to catalyze investments in sustainable projects across Europe.

The Iepuresti and Ghimpati solar projects are expected to generate 386 GWh of renewable electricity annually, significantly contributing to Romania’s green energy goals. This output will avoid the emission of approximately 160,000 tonnes of carbon dioxide each year, with the generated electricity being sold on the local market.

Grzegorz Zielinski, Head of Energy Europe at the EBRD, expressed excitement about supporting Nofar Energy’s investments in Romania. “These solar power plants will increase Romania’s renewable capacity, supporting the country’s ambition to add 11.9 GW of new renewable capacity by 2030,” Zielinski said.

Favi Stelian, Chief Executive Officer of Nofar Energy Romania, emphasized the importance of the projects, stating, “The successful completion of these projects will play a crucial role in supporting Romania’s ambitious goal for decarbonisation, contributing to a greener future for the region.”

Romania’s renewable energy sector has been revitalized after a decade of limited investments, with the EBRD playing a key role in the country’s green transition. This shift is in line with broader EU initiatives, such as Fit for 55 and REPowerEU, which aim to increase renewable energy production and reduce carbon emissions across the continent. Romania has committed to raising the share of renewables in its total energy consumption from 24.3% in 2019 to 36.2% by 2030, aligning with its plan to add 11.9 GW of new renewable capacity.

The solar projects are owned by RTG Solar Energy and Solis Imperium, both Romanian limited liability companies majority-owned by OY Nofar Energy, an Israeli renewable energy company listed on the Tel Aviv stock exchange. The EBRD, which has invested nearly €11 billion in 524 projects across Romania, continues to be a leader in climate finance, supporting the country’s transition to a more sustainable energy future.