We continue our presentation of the 2025 Energynomics Award nominees with the “Financing of the year” section – category supported by YEO. This category explores investments in the energy sector, through companies and amounts that have strengthened investor confidence and created new benchmarks for the Romanian market. The 2025 nominations reflect the maturing of the local market, the growing interest of European financial institutions, and the ability of Romanian companies to raise large amounts of capital for strategic projects. Aat the Gala on December 4 we will award only one of these financings, but all are relevant and deserve to be known!
Electrica – 500 million euros green bond issuance & dual listing
Electrica carried out the largest corporate green financing ever launched in Romania: a 500 million euros green bond issue, oversubscribed 11.5 times and attracting 155 investors from 31 countries, including the EIB. The 5-year bonds, rated BBB- by Fitch, are dual-listed on the Luxembourg Stock Exchange and the Bucharest Stock Exchange. Proceeds support renewable-generation and storage investments aligned with Electrica’s 2030 objectives of 1,000 MW green capacity and 900 MWh storage.
Enery – Landmark refinancing as a model of strategic and sustainable financing
Enery secured a 214.45 million euros loan facility, confirming the confidence of major European financial institutions in the company’s long-term strategy and strong sustainability profile. The refinancing provides a stable financial framework for Enery’s regional development pipeline.
INVL Renewable Energy Fund I – €29.3 million Kommunalkredit loan for 71 MW Romanian PV portfolio
Lithuania’s INVL Renewable Energy Fund I obtained 29.3 million euros from Kommunalkredit to accelerate construction of a 71 MW solar portfolio in Romania. As the fund’s second financing from the Austrian infrastructure bank, the transaction strengthens the deployment of large-scale renewables and reflects growing institutional confidence in Romania’s green-energy market.
Municipality of Timișoara – 30 million euros EBRD loan for district heating modernisation and urban regeneration
Timișoara secured 30 million euros from the EBRD, blended with 63.5 euros million in EU grants, to modernise district heating, public lighting, green areas and mobility infrastructure. The financing increases energy efficiency, reduces losses and emissions, and prepares the city’s systems for future integration of renewable energy and smart technologies.
Rezolv Energy – Up to 331 million euros finance facilities for Phase 2 of VIFOR Wind Farm
Rezolv Energy signed finance facilities of up to 331 million euros in July 2025 for Phase 2 of the VIFOR wind farm (269 MW), increasing total capacity to 461 MW. The transaction enables construction to continue seamlessly from Phase 1 and transforms VIFOR into the largest wind farm built in Romania in the last decade, supported by one of the strongest financial syndicates in the region.
Romgaz – Second 500 million euros Eurobond issuance under the EMTN Program
Romgaz completed its second 500 million euros EMTN issuance, with demand nearly eight times higher than the offer — reaffirming investor confidence in the company’s strategy, including the transformational Neptun Deep project. The financing secures long-term resources for investment in production, infrastructure and diversification.