EBRD backs largest solar plant in EU

• EBRD co-finances €561 million of loan facilities to Romania’s Dama Solar, which will have peak capacity of 1.3 GW
• Plant will generate 1,800 GWh of renewable electricity a year
• Major boost to Romania’s renewable energy transition

The European Bank for Reconstruction and Development (EBRD), one of the core banks supporting Romania’s energy security and green transition, is providing a €21.1 million senior secured loan as part of facilities worth €561 million to finance the construction and operation of the country’s Dama Solar project, which will have peak capacity of 1.3 GW.

Once completed, the facility will be the largest renewable energy installation financed by the EBRD to date and the largest solar park in Europe. It will make a major contribution to Romania's energy transition, energy security and biodiversity goals.

The Bank is providing financing alongside a consortium of more than 10 commercial lenders as well as the International Finance Corporation, Black Sea Trade and Development Bank and European Investment Bank to support project implementation. The plant is being developed by an existing EBRD client, Rezolv Energy, which is a renewable energy company backed by Actis and Mubadala.

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.

“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. “The project will not only increase domestic renewable energy generation, 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.”

The Bank is also cooperating with the borrower on a skills development programme that will support the project’s workforce requirements while contributing to Romania’s wider energy transition ambitions. The programme, co-funded through InvestEU advisory support and the client’s own resources, aims to provide training opportunities for at least 300 local people.

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

Dama Solar will contribute to Romania’s ambition to expand its renewable energy generation and strengthen its energy independence. The project benefits from Romania’s Contract for Difference scheme, which supports investment in renewable energy capacity.

The project is sponsored by Rezolv Energy, which the EBRD has supported since 2024 with renewable energy investments in Romania, including expansion of the Vifor Wind project in Buzău County to 461 MW.

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, with the majority of investment in the private sector.