Banca Comercială Română (BCR) is providing 42.5 million euros in financing for the development of one of the largest solar energy projects in Romania, which includes three photovoltaic parks with a total installed capacity of 190MW. BCR acts as the main local banking partner, ensuring the implementation of the investment in Romania through both a long-term financing of 17.3 million euros, as well as a VAT facility and a credit line facility, intended to support the construction phase.
The portfolio is held 65% by Norwegian renewable energy developer Scatec ASA and 35% by Turkish engineering services provider Defic Globe Enerji A.Ş., which will provide Engineering, Procurement and Construction (EPC) services, while Scatec will provide operation, maintenance and asset management services.
The total financing package amounts to approximately EUR 121 million and is provided by a consortium of banks consisting of BCR, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). Once the financing structure is agreed, construction works will begin, and commercial use is estimated to begin in the second half of 2027.
“BCR is the main partner for energy projects developed in Romania, and the financing of the Dobrun and Sadova photovoltaic parks plays an important role in strengthening energy security, with direct benefits for the population and communities. We are pleased that our expertise in structuring complex financing, together with the close collaboration with institutional partners EIB and EBRD, support the development of a resilient energy infrastructure and increasing the competitiveness of the economy”, declared Manuela Trisnevschi, Head of Energy and Utilities, BCR.
The investment is structured through a mix of non-recourse project finance and equity financing and reflects the confidence of financial institutions in the stability of the support framework for renewable energy in Romania.
The portfolio includes three photovoltaic parks located in Dolj and Olt counties, in the Oltenia region, and is among the largest solar energy investments in Romania to date. Once the project is completed, the three units will be able to produce electricity to supply over 160,000 households annually.
Two of the three parks benefit from contracts for difference (CfD) for a period of 15 years, obtained within the first CfD auction organized by the Romanian state, with financing from the European Union Modernization Fund and managed by Opcom. The contracts cover approximately two-thirds of the estimated production, with the remaining energy to be sold on the wholesale market.
The investment directly contributes to Romania’s national energy and climate objectives, including the target for renewable energy to exceed 38% of final consumption by 2030, and supports the European Union’s objectives on decarbonization and energy security.
By supporting the development of energy infrastructure at scale, this project strengthens regional energy independence, supports Romania’s economic development, and accelerates the country’s transition to a low-carbon economy.