Nofar Energy has secured a €110 million financing for 300 MW solar PV capacity in Romania
EBRD and Raiffeisen Bank International have committed a €55 million each for the package
Backed by InvestEU, both projects will sell electricity generated on the open market
The European Bank for Reconstruction and Development (EBRD) and Austria’s Raiffeisen Bank International have each pooled in €55 million ($61.3 million) to support the construction of 300 MW solar PV capacity in Romania.
Part of Israel’s Nofar Energy’s portfolio, this capacity is planned to be built and operated as 2 solar PV power plants in the southeastern part of the country.
Together, the Iepuresti and Ghimpati solar projects are expected to generate 386 GWh annually once fully operational. Electricity produced will be sold on the local market.
Both the lenders will split their €110 million ($122.6 million) combined financing in 2 tranches of €25 million and €30 million with the 1st partially covered by a 1st loss guarantee of the European Union under the InvestEU program.
Raiffeisen has also financed Nofar Energy’s 155 MW Ratesti Solar Power Project in Romania, which was grid-connected in 2023 as the ‘largest’ ground-mounted solar project in the country (see 155 MW Solar Park Inaugurated In Romania).
Romania targets to increase the share of renewables in its total energy consumption from 24.3% in 2019 to 36.2% by 2030 with the addition of 11.9 GW of new capacity. EBRD believes the country’s green transition will bring in energy security in the context of Russia’s war on Ukraine.
The country is also getting ready to launch a renewable energy auction for a 5 GW capacity addition. Round 1 with 500 MW solar PV and 1 GW onshore wind is scheduled to be launched by the end of 2024 (see Romania Lowers Solar PV Capacity Allocation For CfD Auction Round 1).
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