The European Bank for Reconstruction and Development (EBRD) has arranged an EUR 192 million financing package for the construction of three new solar power plants with a total installed capacity of 531 MW in south-eastern Romania. The EBRD will provide EUR 64 million for its own account, with the remaining EUR 128 million mobilized from commercial lenders.

The financing will support the construction of the Slobozia, Corbii Mari, and Iepuresti II solar power plants, representing another step forward in Romania's efforts to decarbonize its energy sector and increase the share of renewables in its energy mix.

Project Specifications and Environmental Impact

Located in Dâmbovița and Giurgiu counties, the three solar power plants are expected to generate approximately 676 GWh of green electricity annually. The projects will avoid around 280,000 tonnes of CO2 emissions each year, significantly contributing to Romania's target of achieving 38 percent of gross final energy consumption from renewables by 2030.

The solar projects are ultimately majority-owned by OY Nofar Energy, an Israeli renewable energy company listed on the Tel Aviv Stock Exchange.

Contract for Difference Scheme Success

The Slobozia project will benefit from a 15-year Contract for Difference (CfD) awarded under Romania's inaugural CfD auction, a scheme designed and implemented with EBRD technical assistance. The energy produced by the other two solar power plants will be sold on Romania's competitive Day-Ahead Market, demonstrating the growing commercial viability of unsubsidized renewable energy.

The two-way CfD scheme, developed with EBRD support and launched in 2024, has awarded 4.2 GW of total solar and wind capacity to date, surpassing Romania's national target of 3.5 GW set under the Recovery and Resilience Plan (RRP). The CfD scheme incentivizes investments in renewable energy by providing developers with long-term revenue stability and strengthening market integration of renewables.

Industry Leadership Comments

Grzegorz Zielinski, EBRD Head of Energy Europe, stated: “We are pleased to support Nofar Energy's renewable investments in Romania. This financing demonstrates how we can scale up renewable investments and support Romania's ambition to add more than 10GW of renewable capacity by 2030.”

Favi Stelian, Chief Executive Officer of Nofar Energy Romania, said: “We are pleased to announce this second financing with EBRD, which strengthens confidence in our long-term vision and our ability to deliver impactful renewable infrastructure in Romania. This partnership accelerates the deployment of new green energy assets and reinforces Nofar's role in advancing Romania's sustainability goals and regional energy security.”

EBRD's Investment Record in Romania

The EBRD is a leading investor in Romania, having invested over EUR 12 billion in 576 projects to date. This latest financing package continues the bank's support for Romania's energy security and green transition initiatives.

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