The European Investment Bank (EIB) is investing €34 million (US$40 million) to construct and operate three PV plants in southwestern Romania, with a combined capacity of 190MW.
The projects will be located in Olt and Dolj counties in the Oltenia region, bordering Bulgaria along the Danube River. Construction is scheduled to begin this month, with full commercial operations expected by September 2027.
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The loan will be provided to three Romanian solar companies, owned 65% by Norway-based developer Scatec and 35% by Defic Globe, as part of a wider €121 million financing package. The European Bank for Reconstruction and Development (EBRD) and Romanian lender Banca Comercială Română (BCR) are co-financing the project.
Two of the three solar plants have secured contracts for difference (CfD) under the government’s 2024 CfD auction, covering around two-thirds of expected output for nearly 15 years. The projects will be located in the communes of Dobrun and Sadova.
“Reaching financial close and starting construction of our first projects in Romania is an important step and confirms the attractiveness of the Romanian market and the strength of the CfD framework. With long-term revenue visibility and a robust financing structure in place, the projects are well positioned for construction and delivery,” said Terje Pilskog, CEO of Scatec.
The project supports Romania’s target for renewables to exceed 38% of final energy consumption by 2030, in line with the EU’s 42.5% goal over the same period.
The European Investment Bank, the EU’s long-term lending arm owned by its Member States, together with the European Investment Fund, signed nearly €100 billion in new financing in 2025, with almost 60% supporting climate mitigation, adaptation and environmental sustainability in line with the Paris Agreement.
In Romania’s round-two CfD auction last summer, a total of 1.4GW of PV capacity was allocated, offered at significantly lower prices than the €73/MWh set for the auction.
