INVL RO CBL - Dobrun Romania

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of a construction bridge loan to AJ Renewables Dobrun SRL (the "Borrower"), a special purpose vehicle incorporated in Romania, under an A/B loan structure, consisting of an A loan of up to EUR 36 million for EBRD's own account and a B loan of up to EUR 36 million for the account of Raiffeisen Bank International ("RBI").

Project ID 56285

Status Exploratory

Location

Romania

Business Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Liudas Liutkevicius, Managing Fund Partner
liudas.liutkevicius@invl.com
+370 612 40913
Gyneju str. 14, 01109, Vilnius, Lithuania

Project ID 56285

Status Exploratory

Location

Romania

Business Sector

Energy

Notice Type

Private

Approval Date

17 Dec 2025

Disclosure date

12 Nov 2025

Project Description

Project Objectives

The Proceeds of the loan will be dedicated for the construction, and operation of a solar PV power plant with total capacity of 174.5MW in southern Romania (the "Project"). The Project will contribute to climate mitigation by adding 174.5MW solar generation capacity to the Romanian national energy system. In addition, the Project will strengthen the private sector presence in the renewable energy sector in Romania.

Transition Impact

ETI score: 67

The Project targets the "Green" and "Competitive" Transition Impact qualities by supporting the construction of solar farms with a total installed capacity of 174.5MW. This capacity is expected to generate 229GWh contributing to CO2 savings of 95 thousand tonnes annually. The project will support an increase in power generation capacity by a private company in Romania, qualifying as 100% GET.

Client Information

AJ RENEWABLES DOBRUN SRL

AJ Renewables Dobrun SRL is a special purpose vehicle, owned by UAB INVL Renewables and established for the sole purpose of developing, constructing, and operating a solar PV power plan with total capacity of 174.5MW, in the Olt County in Romania. UAB INVL Renewables is a Lithuanian renewable development company directly owned by INVL Renewable Energy Fund I and managed by UAB INVL Asset Management, a Lithuanian investment management company.

EBRD Finance Summary

EUR 36,000,000.00

Total Project Cost

EUR 117,000,000.00

Additionality

EBRD is offering an innovative financing structure on commercial terms not available from other banks. Additionality also stems from resource mobilization as the project aims at attracting private sector investments as part of the A/B offering, benefiting from EBRD's preferred creditor status. The Project has the potential to unlock flows of institutional capital into the renewables sector in Romania by demonstrating to the market the bankability of construction bridge loan, a new and innovative financing structure rarely seen in the Bank's region.

Green assessments

100% of the EBRD financing is classified as green finance, as it supports activities to achieve climate mitigation objectives. The attribution is made in line with the methodology to determine the green finance attribution of EBRD investments, and specific guidance in the criteria "Generation of renewable energy with low lifecycle GHG emissions to supply electricity, heating, mechanical energy or cooling".

Technical Cooperation and Grant Financing

None.

Company Contact Information

Liudas Liutkevicius, Managing Fund Partner
liudas.liutkevicius@invl.com
+370 612 40913
Gyneju str. 14, 01109, Vilnius, Lithuania

Implementation Summary

PSD Last Updated

12 Nov 2025

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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INVL RO CBL - Dobrun Romania

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

Implementation Summary

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

INVL RO CBL - Dobrun Romania

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

Implementation Summary

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)