R.Power, a pan-European independent power producer (IPP) with a rapidly growing multi-technology portfolio, has signed a project finance facility totalling €41.6m (€34.1m and RON 39.5m [€7.5m]) for a portfolio of four photovoltaic (PV) projects in Romania, totalling approximately 75 MWp.
The facility was provided under a club deal agreement, split equally between ING Bank NV and UniCredit Bank SA – two of Europe’s leading project finance lenders – reflecting the strong interest of institutional lenders in well-structured renewable energy transactions in Central and Eastern Europe.
The four high-quality PV projects, including a 55 MWp high-voltage project, are due to come online in 2027, providing valuable additions to Romania’s rapidly expanding large-scale clean energy generation capacity.
They are part of R.Power’s growing solar, hybrid and energy storage portfolio in Romania, which now stands at 2 GW. This includes two operational PV projects and several PV projects that have been awarded Contracts for Difference in the 2024 Romanian tender process.
“This transaction is a good example of how our solar portfolio in Central and Eastern Europe is maturing. We have built a substantial network of well-located and grid-secured assets across the region, and we are now seeing this network translate into funded operational capacity. The confidence that ING and UniCredit have shown in this portfolio reflects the quality of the underlying development and commercialization work, as well as the strength of the relationships we have built with our lending partners over many years,” said Michał Swół, Chief Investment Officer at R.Power.
“We are delighted to support R.Power in developing its solar portfolio in Romania, a transaction that further strengthens ING’s commitment to accelerating the energy transition and achieving our Net Zero ambitions. Romania is increasingly attractive for renewable energy investments, supported by solid long-term fundamentals and a growing list of bankable projects. ING continues to finance projects that directly contribute to Romania’s future, through competitive solutions and a positive and sustainable long-term impact, supporting top-tier experienced sponsors such as R.Power and well-founded structured energy projects,” added Oana Mogoi, Head of Energy at ING Bank Romania.
“UniCredit is pleased to support R.Power in financing this PV portfolio in Romania, further strengthening our partnership across different geographies. This transaction highlights our ability to provide structured cross-border energy solutions and our continued commitment to promoting high-quality renewable projects and the energy transition in Romania,” said Daniel Sava, Head of Advisory and Financing Solutions at Unicredit Bank S.A. (Romania).
The transaction is the latest in a sustained period of financing activity for R.Power and brings total project financing secured in 2026 to approximately EUR 250 million. This important milestone underlines the pace at which the company’s portfolio in Central and Eastern Europe is translating into financed capacity.
R.Power’s total solar portfolio in Central and Eastern Europe now stands at 10 GW, covering Poland and Romania. As this photovoltaic portfolio matures, R.Power is also exploring opportunities to maximize the value and resilience of certain sites through energy storage in co-located batteries, alongside its portfolio of independent BESS projects.