EBRD, Raiffeisen Bank provide €110 million for solar projects in Romania

The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International are jointly providing a €110 million financing package to develop two solar photovoltaic power plants in south-eastern Romania, with a combined capacity of around 300 MW. The Iepuresti and Ghimpati projects reflect growing confidence in Romania’s renewable energy sector, spurred by recent regulatory reforms supporting the country’s ambitious green energy goals.

The financing package includes a €55 million loan from EBRD, matched by €55 million from Raiffeisen Bank International, split into two tranches of €25 million and €30 million. The first tranche will benefit from a first loss guarantee under the EU’s InvestEU programme.

These projects are expected to generate 386 GWh of renewable electricity annually, reducing carbon dioxide emissions by approximately 160,000 tonnes each year. The generated electricity will be sold on the local market, contributing to Romania’s energy transition.

Romania’s renewable energy sector, after a decade of limited investments, is gaining momentum. This growth aligns with broader EU commitments under the Fit for 55 and REPowerEU initiatives, aiming to boost renewable energy and cut emissions. By 2030, Romania aims to increase its renewable energy share from 24.3% in 2019 to 36.2%.

The projects are owned by RTG Solar Energy and Solis Imperium, Romanian companies majority-owned by OY Nofar Energy, an Israeli renewable energy firm listed on the Tel Aviv stock exchange. To date, the EBRD has invested nearly €11 billion in 524 projects in Romania.