The European Bank for Reconstruction and Development (EBRD) will invest in a 531MW solar PV portfolio in Romania from Israeli renewable energy company Nofar Energy.
The EBRD will commit €192 million (US$222 million) to the portfolio, which comprises three utility-scale PV plants in the Giurgiu and Dâmbovița counties of southern Romania. The projects are the 73MW Slobozia project, the 256MW Corbii Mari project and the 169MW Iepuresti II project.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The funding will come from two sources: €64 million (US$74 million) will come directly from EBRD coffers to support the construction of the three PV projects, while the remaining €128 million (US$148 million) will be mobilised from commercial lenders.
Power from the Corbii Mari and Iepuresti II projects will be traded on Romania’s day-ahead market, which the EBRD said shows the “growing commercial viability of unsubsidised renewable energy in Romania.”
The Slobozia project is contracted under a 15-year Contracts for Difference (CfD) agreement awarded under the first iteration of Romania’s CfD programme, which ran in December 2024. The EBRD said the CfD scheme has awarded over 4GW of solar and wind power capacity to date; its second and most recent round awarded 1.4GW of PV capacity alone.
Grzegorz Zielinski, EBRD head of energy Europe, said: “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 Stellian, CEO of Nofar Energy Romania, added: “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.”
The company has been active in Romania’s market of late. Last year, Nofar Energy secured €110 million (US$127 million) in EBRD financing to support the construction of a 315MW PV project portfolio in Romania, comprising the Iepuresti I (169MW) and Ghimpati (146MW) sites. Last month it sold the 155MW Ratesti solar PV project to fellow Israeli developer Econergy.
The news follows this week’s announcement of new grid auction processes by Romanian electricity transmission system operator (TSO) Transelectrica. The new rules, which will come into effect from next year, aim to provide developers with additional clarity on grid application processes and timelines, in order to “support the integration of new electricity generation capacities, especially from renewable sources.”
