EBRD, Raiffeisen Bank to Finance 300 MW Solar Projects in Romania
The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International are providing a €110 million financing package for two photovoltaic solar power plants in southeastern Romania, with a total installed capacity of approximately 300 MW. The Iepurești and Ghimpați projects reflect growing confidence in Romania’s renewable energy market, driven by key regulatory changes supporting the country’s ambitious green energy program.
The EBRD loan of €55 million, matched by €55 million from Raiffeisen Bank International, will be split into two tranches of €25 million and €30 million. The first tranche is partially covered by a first-loss guarantee from the European Union under the InvestEU program.
These projects are expected to generate 386 GWh of renewable electricity annually, avoiding approximately 160,000 tons of carbon dioxide emissions per year. The electricity will be sold on the local market.
Grzegorz Zielinski, Head of EBRD Energy Europe, stated, "We are delighted to support Nofar Energy's renewable investments in Romania with the backing of the InvestEU guarantee. These solar plants will enhance Romania's renewable energy capacity, supporting the country's ambition to add 11.9 GW of renewable capacity by 2030."
Favi Stelian, CEO of Nofar Energy Romania, commented, "This achievement is not just a milestone; it is the next logical step in Nofar's ongoing journey of growth and excellence. Successfully completing these projects will play a crucial role in supporting Romania’s ambitious decarbonization goal, contributing to a greener future for the region."
Romania's renewable energy sector, after a decade of limited investment, is experiencing renewed momentum. The EBRD is a key supporter of the country's green transition, which will not only improve the environment but also protect the nation's energy security in the context of Russia's war against Ukraine.
Romania’s increasing ambition in this area is rooted in EU-level commitments adopted under the Fit for 55 and REPowerEU initiatives, aiming to boost renewable energy production and reduce harmful emissions. In 2023, Romania committed to raising the share of renewable sources in total energy consumption from 24.3% in 2019 to an ambitious 36.2% by 2030, adding 11.9 GW of new renewable capacity.
Source: Piata Financiara
