With EU support, EBRD supports construction and operation of two solar plants in south-eastern Romania with €110 million finance package
Summary
EBRD and Raiffeisen Bank International provide 110 million package for two solar plants in Romania, with InvestEU guarantee EBRD is a leader in green finance and strong supporter of Romanias renewables ambitionThe European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International are providing a 110 million financing package to build and operate two solar photovoltaic power plants in south-eastern Romania, with a total installed capacity of around 300 MW. The first will be partially covered by a first loss guarantee provided by the European Union under the InvestEU programme.The project is expected to generate an annual 386 GW/h of renewable electricity, avoiding about 160,000 tonnes a year of carbon dioxide emissions. These solar power plants will increase Romanias renewable capacity, supporting the countrys ambition to add 11.9 GW of new renewable capacity by 2030.Favi Stelian, Chief Executive Officer of Nofar Energy Romania, said: This achievement is not just a milestone; it is the logical next step in Nofars ongoing journey of growth and excellence. The successful completion of these projects will play a crucial role in supporting Romanias ambitious goal for decarbonisation, contributing to a greener future for the region.Following a decade of limited investments, Romanias renewable energy sector is experiencing renewed momentum. The EBRD is a key supporter of the countrys green transition, which will not only improve the environment but also safeguard the countrys energy security in the context of Russias war on Ukraine.Romanias growing ambition in this area builds on EU-wide commitments enacted under the Fit for 55 and REPowerEU initiatives, which aim to increase renewable energy production and reduce harmful emissions.