Financing secured for 414 MW of wind, solar projects in Romania

Two renewable energy developers have secured bank financing for wind and solar power projects in Romania with a combined capacity of 414.2 MW. Israel-based Nofar Energy will build two solar farms, totaling 315 MW, and global renewables investor Nala Renewables will complete а 99.2 МW onshore wind project acquired from OX2.

Nofar Energy’s project, located in Giurgiu county in southern Romania, comprises the 169 MW Iepurești and the 146 MW Ghimpați solar farms, which are projected to generate 386 GWh of electricity annually, to be sold on the Romanian market.

The EUR 110 million project will be financed by the European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International, each extending a EUR 55 million loan.

The projects will help Romania meet its 2030 renewables target

The two solar power plants will support the country’s ambition to add 11.9 GW of new renewable capacity by 2030, said Grzegorz Zieliński, EBRD Head of Energy Europe. In 2023, Romania committed to increase the share of renewables in its total energy consumption from 24.3% in 2019 to 36.2% by 2030, the EBRD recalled in the statement.

The lender has invested nearly EUR 11 billion in green projects in Romania to date, according to the statement.

Nala Renewables has secured EUR 214 million to acquire and build a 99.2 MW wind farm in eastern Romania

Nala’s acquisition and construction of the 99.2 MW onshore wind farm in eastern Romania will be financed by Banca Comercială Română SA and Erste Group AG. They will provide a total of EUR 214 in lending for the project, which is expected to support Nala’s target to generate around 312 GWh of clean energy a year.

The construction of the wind farm, with 16 turbines, is expected to start in the third quarter of 2024, while its commissioning is planned for the first half of 2026. The project was acquired from OX2, a renewable energy solutions developer active across Europe and Australia.