The European Bank for Reconstruction and Development (EBRD) is supporting Romania’s energy security by arranging a new 192 million euro financing package for the construction of three new solar power plants owned by Nofar Energy, with a total installed capacity of 531 MW, in south-eastern Romania.
The EBRD will provide 64 million euro for its own account for the construction of the Slobozia, Corbii Mari and Iepuresti II solar power plants, with the remaining 128 million mobilised from commercial lenders.
The new solar power plants represent another step forward in Romania’s efforts to decarbonise its energy sector and increase the share of renewables in its energy mix. Located in Dâmbovița and Giurgiu counties, the solar power plants are expected to generate approximately 676 GWh of green electricity annually, avoiding around 280,000 tonnes of CO2 emissions each year. This will significantly contribute to Romania’s target of achieving 38 per cent of gross final energy consumption from renewables by 2030.
The Slobozia project will benefit from a 15-year Contract for Difference (CfD) awarded under Romania’s inaugural CfD auction, a scheme designed and implemented with EBRD technical assistance. The energy produced from the other two solar power plants will be sold on Romania’s competitive Day-Ahead Market, demonstrating the growing commercial viability of unsubsidised renewable energy in Romania.
The two-way CfD scheme, developed with EBRD support and launched in 2024, has awarded 4.2GW total solar and wind capacity to date, surpassing the national target of 3.5 GW set under Romania’s Recovery and Resilience Plan (RRP). The CfD scheme incentivises investments in renewable energy by providing long-term revenue stability to developers and strengthening the market integration of renewables.
“We are pleased to support Nofar Energy’s renewable investments in Romania. This financing demonstrates how we can scale up renewable investments and support Romania’s ambition to add more than 10GW of renewable capacity by 2030,” said Grzegorz Zielinski, EBRD Head of Energy Europe.
“We are pleased to announce this second financing with EBRD, which strengthens confidence in our long-term vision and our ability to deliver impactful renewable infrastructure in Romania. This partnership accelerates the deployment of new green energy assets and reinforces Nofar’s role in advancing Romania’s sustainability goals and regional energy security,” added Favi Stelian, Chief Executive Officer of Nofar Energy Romania.
The solar projects are ultimately majority owned by Nofar Energy, an Israeli renewable energy company listed on the Tel Aviv stock exchange.
The EBRD is a leading investor in Romania, having invested over 12 billion euro in 576 projects to date.
