Rezolv Energy, backed by Actis, has secured up to €561 million in project financing for the development of the 1.3 GWp Dama Solar project in Arad County, western Romania. The financing has been arranged through Rezolv’s project subsidiary, West Power Investments, and is expected to take the project directly into the construction phase.
Dama Solar is set to become the largest onshore renewable energy project in the European Union once operational. The project is expected to achieve commercial operations in the second half of 2028.
The financing package is supported by an anchor investment from the European Investment Bank (EIB) under an InvestEU guarantee. A consortium of 14 lenders is participating in the transaction, including 10 commercial banks and three development finance institutions. The commercial lenders include Erste Group Bank, UniCredit Bank, Banca Comercială Intesa Sanpaolo Romania, Société Générale, OTP Bank, Československá obchodní banka, Raiffeisen Bank, Raiffeisenlandesbank Niederösterreich-Wien, Piraeus Bank and Siemens Bank.
The development finance institutions involved are the European Bank for Reconstruction and Development, International Finance Corporation and Black Sea Trade and Development Bank.
The financing is supported by two Contracts for Difference awarded to Dama Solar under Romania’s second CfD auction. These contracts cover 520 MW of the project’s capacity. The project also has a corporate Power Purchase Agreement with a premium offtaker.
The €561 million transaction is Rezolv Energy’s largest financing package to date. It exceeds the €291 million financing secured for Phase 1 of the VIFOR Wind Farm, €331 million for Phase 2 of VIFOR and €90 million for the St. George solar park in Bulgaria.
Dama Solar will cover more than 1,000 hectares and is expected to generate around 1,800 GWh of electricity annually. This would be equivalent to approximately 36% of Romania’s total solar electricity generation recorded in 2025.
Construction is expected to create significant employment, with the project currently forecasting a peak workforce of around 1,500 people. Engineering, procurement and construction partners are expected to be confirmed shortly.
The financing has been structured as a green loan under the 2025 Green Loan Principles. Moody’s Ratings provided an independent Second Party Opinion and assigned the financing a Sustainability Quality Score of SQS1, its highest rating under the framework.
The project will also include an 82-hectare nature reserve, alongside biodiversity and social measures incorporated into its development.
Dama Solar is part of Rezolv Energy’s 2.8 GW renewable energy portfolio across Romania and Bulgaria. The company commissioned the 225 MW St. George solar park in Bulgaria in May 2026, while the first phase of its 461 MW VIFOR Wind Farm is scheduled for energisation on October 1, 2026. Its 600 MW Dunarea East & West Wind Farms in Constanța County remain in late-stage development.
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