Independent power producer (IPP) Rezolv Energy has secured a €561 million (US$637 million) financing for its 1.3GWp Dama Solar project in Romania.
Located in Arad County, western Romania, it is the largest onshore renewable energy project in the European Union and will begin construction imminently.
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Commercial operation at the 1.3GW Dama Solar project is expected to begin in the second half of 2028. The solar park will cover more than 1,000 hectares and include an 82-hectare nature reserve.
The IPP, which is backed by renewable energy infrastructure investor Actis, secured the final legal approval required to begin construction of the Dama solar project last month.
Structured as a green loan, the €561 million financing was underpinned by an anchor investment by the European Investment Bank (EIB), benefitting from an Invest EU guarantee, which has been provided by a consortium of 14 lenders, comprising 10 commercial banks – Erste Group Bank, UniCredit Bank, Banca Comercială Intesa Sanpaolo Romania, Société Générale, OTP Bank, Československá obchodní banka (ČSOB), Raiffeisen Bank S.A., Raiffeisenlandesbank Niederösterreich-Wien, Piraeus Bank and Siemens Bank – and three additional development finance institutions: European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and Black Sea Trade and Development Bank (BSTDB).
The financing for the Dama Solar project is the largest the IPP has secured to date, both in terms of the amount and the number of lenders involved. It surpasses the €291 million secured for Phase 1 of a wind farm, the €331 million for Phase 2 of the same project and the €90 million in debt financing secured for the 225MW St. George solar park in Bulgaria. The St. George project began commercial operations in May of this year.
Jaroslava Korpanec, head of Central and Eastern Europe, Infrastructure at Actis, said: “We believe this financing package, backed by 14 lenders, reflects the depth of investor confidence in Romania’s renewable energy sector and in Rezolv Energy in particular. Dama Solar will become the EU’s largest onshore renewable energy project, financed under a green loan structure that has earned Moody’s highest possible sustainability rating.”
Moreover, Rezolv Energy previously secured two Contracts for Difference (CfDs) for the Dama Solar project in Romania’s second CfD auction covering 520MW of the project’s capacity. The IPP has also secured a corporate power purchase agreement with an undisclosed offtaker.
The Dama Solar project represents nearly half of the 2.8GW portfolio of large-scale renewable energy projects that Rezolv Energy is developing in Romania and Bulgaria.
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