Romania has accelerated the deployment of renewable energy and storage capacity, and this expansion has been financed primarily through the Modernization Fund, the National Recovery and Resilience Plan (NRRP), state aid schemes approved by the European Commission, and private capital.
Behind this expansion lies a question that few discuss publicly: beyond public sources, who financed the development, and how?
The answer is not “the banks,” or at least not entirely. Banks remain the first line of financing, and that is correct. Before considering alternatives, bank credit is the cheapest capital available to a company. Therefore, the first step in any financing strategy is to maximize banking capacity: a prepared balance sheet, documented cash flow, and structured collateral.
The problem arises when a client cannot access bank financing for various specific reasons, when the project exceeds what the bank can offer, when the bank values the assets or the company at conservative multiples, or when you need capital for an acquisition and the process takes six months, but the window of opportunity closes in six weeks.
It is precisely at this moment that mature energy companies realize that diversifying funding sources is not a luxury; it is a strategic capability that should have been prepared before you urgently needed money.
The first discussion we have with entrepreneurs is about the company’s long-term plans. A scenario involving a full sale or a transfer of control is entirely different from one in which the entrepreneur or the family wants to retain control.
Before making a choice, take a step back:
| Instrument | Size | Estimated cost | Access time | Shareholder dilution | When to apply |
|---|---|---|---|---|---|
| Bank loan | Variable | 5–7% EUR | 2–6 months | No | The first option, always |
| Private debt | EUR 2–25M | 10–15% EUR | 6–10 weeks | No | Growth, M&A, refinancing, acquisitions |
| BVB Bonds – AeRO Market | EUR 2–5M | 9-11% RON | 3–5 months | No | Corporations with two years of audited financial statements |
| BVB Bonds – Main Market | Min. EUR 30M | Market-based | 4–6 months | No | Large companies, public visibility, audited IFRS financial statements for 3 years |
| Crowdlending | Sub EUR1M | 15-20% | 10-12 weeks | No | Specific needs, small businesses |
| Private equity minoritar | EUR 3–25M | Negotiated exit | 2–4 months | Yes – in part | Growth with a strategic partner |
| Crowdequity | Sub EUR3M | Fundraising | 2–4 months | Yes – in part | Raising funds without direct interaction with many shareholders, summary reporting |
| BVB Listing – AeRO Market | EUR 3–5M | Raising capital or selling shares | 6-9 months | Yes – in part | First steps in the capital market, growth with public visibility, a diversified shareholder base |
| Listing on the Bucharest Stock Exchange – Main Market | EUR 30–200M | Raising capital or selling shares | 6-12 months | Yes – in part | Large companies, access to institutional and international investors, liquidity for existing shareholders |
| Majority private equity | EUR 5M+ | Negotiated exit | 2–4 luni | Yes – control | Succession, strategic sale |
Source VERTIK analysis and estimates, May 2026, based on monitored transactions and publicly available data from markets in Romania and Central and Eastern Europe. The ranges for size, cost, and duration are indicative and represent average or typical values observed in the market, not guaranteed values or values applicable to any company. The actual terms of any financing instrument are determined by the company’s risk profile, financial history, transaction structure, and bilateral negotiations with the lender or investor. This material is for informational and educational purposes only. It does not constitute a financing offer, prospectus, investment recommendation, or regulated legal, tax, or financial advice. VERTIK assumes no liability for decisions made solely on the basis of the information presented.
Private debt funds remain the least utilized instrument in the Romanian market, even though Europe has been using them on a large scale for over a decade. Although less mature than the U.S. market, the European private debt market has experienced one of the fastest growth rates of the past decade. The complexity of the European market—ranging from differing regulations to cultural and linguistic nuances—can create barriers to entry, but it also presents significant opportunities for players who understand this ecosystem.
The logic is simple: a specialized fund provides capital in the form of debt without an equity stake in the company, with full repayment at maturity, not in monthly installments that squeeze operating cash flow.
The cost, between 10% and 15% in EUR, is higher than bank credit, but access is completely different. The fund evaluates the business, not just tangible assets. It can finance an acquisition based on the combined entity’s financials, including future plans. It typically comes with collateral in the form of equity, receivables, or assets, separate from existing bank collateral, without disrupting the banking relationship. Specifically: an energy services provider in Romania secured €12 million from a European private debt fund, to be used for debt refinancing and growth, in a 10–12-week process, parallel to existing bank financing, without affecting it. That fund has invested over €110 million in Romania since 2017 and evaluates 40–50 opportunities per year, exclusively in the local market.
The eligibility criterion is not the size of the assets, but rather EBITDA and the business model. Companies with EBITDA exceeding €500,000, a clear business model, and a credible growth story are exactly the type of companies we are looking for.
Private debt is a loan negotiated on a one-on-one basis, usually with a fund or similar structure, and offers greater flexibility in terms of repayment terms, with repayment at maturity over a period of 3–5 years. This flexibility, of course, comes at a higher cost compared to bank loans. Access to this instrument is entirely different.
For companies with an audited history and structured as joint-stock companies (SA), a bond issue on the Bucharest Stock Exchange can serve both as a source of capital and an exercise in visibility. The AeRO market covers transactions averaging 2–5 million EUR, with a process lasting 3–5 months. The Main Market operates for amounts of 30 million EUR and up. Investors buy for yield, but they also research the company, so the company’s image and visibility will make the difference.
For small amounts, there are also crowdlending solutions available through dedicated platforms that pool small amounts from multiple investors.
When it comes to selling shares or increasing share capital through the issuance of new shares, the first discussion we have with any entrepreneur is about the long-term direction: a full sale or a transfer of control are completely opposite to the scenario where the founder or family wants to retain control. The direction determines the instrument.
Thus, the minority stake may include individual investors or funds, but with a clear exit plan for them: an IPO or a subsequent full sale. There is no minority investment without an agreed-upon exit strategy.
In the case of a majority stake or strategic sale, serious discussions with local or international private equity funds begin once the company’s EBITDA exceeds €3 million. Below this threshold, solutions exist, but they are fewer and more expensive in terms of negotiated terms.
The real issue isn’t access to tools, but the company’s preparedness
There is a structural challenge that no funding roadmap can automatically resolve: energy companies do not know how to tailor their presentation to the type of financing or how to develop a multi-source financing strategy on their own, as they are typically focused on day-to-day operations. The leap from bank financing to an IPO is too great if it is not sufficiently prepared or does not come with alternative financing routes; thus, it often comes with a painful internal process of adapting to new transparency requirements. That is why we suggest that entrepreneurs in the energy sector, as well as those in other sectors, begin preparing their teams and internal processes to attract external financing before the moment they urgently need funds.
Presenting a company to a private debt fund or an investment committee has a specific structure and format, and the communication logic is fundamentally different from that of a traditional banking relationship. A bank wants to see collateral and a payment history. A private debt fund wants to understand how you generate cash, what you do with their capital, and why you are more competitive than the alternative. A bond issue wants a credible growth story, not just a balance sheet.
Properly preparing a company for a round of non-bank financing involves: structuring the business narrative, preparing financial documentation in the format expected by institutional investors, identifying the right instrument for the company’s specific profile, and, above all, gaining direct access to relevant funds and investors – not to generalist intermediaries.
The right question isn’t “capital or debt?”
Bank loans remain the foundation—the cheapest source of capital available—that every company must consider. But energy companies that remain exclusively dependent on banks limit themselves to the pace and risk appetite of the banking system. Diversifying funding sources is not a fallback solution. It is the mark of a mature company that understands that each capital instrument has a specific role in the financial structure and that preparing that structure begins before you have an urgent need for money.
The right question isn’t “equity or debt?” The question is: where are you now, where do you want to go, and which instrument gets you there most efficiently?
The right answer exists. You just need to know where and how to look for it.