EBRD backs largest solar plant in EU

The European Bank for Reconstruction and Development (EBRD) is providing a €21.1 million senior secured loan as part of facilities worth €561 million to finance the construction and operation of Romania’s Dama Solar project, which will have a peak capacity of 1.3 GW, according to a press release. Once completed on 01 Oct 2026, the facility will be the largest renewable energy installation financed by the EBRD to date and the largest solar park in Europe. The project will contribute to Romania’s energy transition, energy security and biodiversity goals. The plant is being developed by Rezolv Energy, a renewable energy company backed by Actis and Mubadala. It marks a milestone in Romania’s push toward a secure and low-carbon energy system.

The EBRD is one of the core banks supporting Romania’s energy security and green transition. The Bank is providing financing alongside a consortium of more than 10 commercial lenders, as well as the International Finance Corporation, the Black Sea Trade and Development Bank and the European Investment Bank. Rezolv Energy is an existing EBRD client, supported by the Bank since 2024 with renewable energy investments in Romania. These include the expansion of the Vifor Wind project in Buzău County to 461 MW. The project benefits from Romania’s Contract for Difference scheme, which supports investment in renewable energy capacity.

The plant is expected to generate around 1,800 GWh of renewable electricity annually. It will also deliver significant biodiversity net gains through habitat restoration, biodiversity set-aside areas and conservation measures for priority species. The Bank is also cooperating with the borrower on a skills development program to meet workforce requirements. The program is co-funded through InvestEU advisory support and the client’s own resources. It aims to provide training opportunities for at least 300 local people.

The initiative also includes measures to promote greater participation of women in the traditionally male-dominated energy sector. The program will support female participation in training activities. It will also include dedicated awareness and training measures addressing gender-based violence and harassment.

“Dama Solar marks a big step forward in Romania’s transition to a secure, competitive and low-carbon energy system,” said Georgios Gkiaouris, the EBRD’s Head of Energy Europe. He added that it “will also represent the EBRD’s first nature-positive renewable energy financing, setting new standards for delivering positive outcomes for nature, local communities and workforce development.”

Dama Solar will contribute to Romania’s ambition to expand its renewable energy generation and strengthen its energy independence. The EBRD is a leading institutional investor in Romania. Since beginning operations in the country in 1991, the Bank has invested more than €12.9 billion across 607 projects. The majority of this investment has been directed to the private sector. The Dama Solar financing reinforces the EBRD’s role in Romania’s renewable energy transition.