We continue to present the 2024 Energynomics Awards nominees of the year, with the “Financing of the year” section, a category supported by YEO. This year’s eight nominations describe companies and projects that have secured and managed funding with significant impact in the Romanian energy sector. We discover each project’s contribution to supporting the energy transition, sustainability and innovation in the Romanian energy sector. Only one will be honoured at the Gala on 4 December, but each and all the people involved in these projects deserve our respect for the positive changes brought to society. We thank all the companies and personalities who have been involved in this endeavour to shape the image of the Romanian energy industry in 2024 through its achievements!
BCR – Financing the wind farmNala Renewables
BCR, in partnership with Erste Group, has provided a financing package of more than €100 million for the development of Nala Renewables’ first green energy project in Romania, a 99 MW wind farm in the county of Galati. The project includes 16 Vestas turbines, each with a capacity of 6.2 MW, and a 12-year PPA contract with an international partner. The wind farm will produce 312 GWh of energy per year, enough to power 51,000 households, reducing CO₂ emissions by around 150,000 tonnes annually.
ELCEN – Modernising the CETs in Bucharest
ELCEN is modernising the South Bucharest, Progresu and Grozăvești thermoelectric power plants with €362 million in funding from the European Investment Bank. The projects aim to implement high-efficiency cogeneration units, reducing carbon emissions and energy costs, while ensuring the continuity of hot water and heating for Bucharest’s residents. The investments also support the stability of the National Energy System (SEN) and alignment with European decarbonisation targets.
Enery secures 215 million euros for Romanian portfolio
The Austrian company Enery Development GmbH has secured financing of approximately €215 million covering all Enery parks in Romania, operational and under construction.
More concretely, the agreement centralises the financial needs for the re-financing of an operational portfolio of wind (62 MW) and photovoltaic (51 MW) parks, the completion of the largest photovoltaic park with financing from the National Recovery and Resilience Plan (51.4 MW), the construction of a new 65 MW photovoltaic park and the co-location of batteries totalling 250 MWh in all operational parks and parks under construction.
Portfolio financing in renewable energy is a first for Central and Eastern Europe.
Nofar Energy – Solar power plants Iepurești and Ghimpați
Nofar Energy has secured 110 million euros in financing from the EBRD and Raiffeisen Bank International for the development of two solar power plants totalling 300 MW. The projects will produce 386 GWh of renewable energy per year, reducing CO₂ emissions by 160,000 tonnes per year. These investments are helping to expand Romania’s green energy capacity and reach the target of adding 11.9 GW of renewable capacity by 2030.
Rezolv Energy – Wind park VIFOR
Rezolv Energy has secured 291 million euros in financing for the construction of the VIFOR wind farm with an initial capacity of 192 MW. The project benefits from five commercial PPAs and is scheduled to become operational by the end of 2025. Once completed, VIFOR will generate enough power for 270,000 homes, reducing CO₂ emissions by 540,000 tonnes annually. The project is one of the largest of its kind in Central and South-Eastern Europe.
Romgaz – International bond issuance
Romgaz has attracted 500 million euros through its first international bond issue, part of the EMTN programme. The funds are earmarked for the strategic Neptun Deep project and the transition to a low-carbon company. The issue attracted major international interest, with demand outstripping supply by more than 10 times. This marks a milestone for Romgaz, strengthening its strategic position in the regional energy sector.
Shikun & Binui – PV park Șimleu Silvaniei
Israeli company Shikun & Binui has secured 49 million euros in financing for the construction of a 101 MW photovoltaic power plant in Șimleu Silvaniei, Sălaj county. The project includes an expanded portfolio of 1.5 GW in Romania, demonstrating the company’s commitment to renewable energy. The system will produce green energy to support climate targets and help reduce CO₂ emissions.
Transgaz – Syndicated loan for strategic projects
Transgaz has signed a syndicated loan of 1.93 billion lei to finance the strategic projects of the National Natural Gas Transmission System Development Plan. The funds are earmarked for infrastructure projects such as the Tuzla-Podișor and BRUA Phase II gas pipelines, contributing to national and regional energy security. The investments support the integration of new capacities and the modernisation of the system.