The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International are offering a financing package of 110 million euros for the construction and operation of two solar power plants in the southeast of Romania, with a total installed capacity of approximately 300 MW. The Iepuresti and Ghimpați projects mark increased confidence in Romania’s renewable energy market following key regulatory changes to support the country’s ambitious green energy programme.

A loan of 55 million euros from the EBRD, to which is added 55 million from Raiffeisen Bank International, will be granted in two installments. The first tranche will be partially covered by a guarantee for the risk of first loss, provided by the European Union through the InvestEU program.

The project is expected to generate 386 GWh of renewable electricity annually, avoiding approximately 160,000 tonnes per year of carbon dioxide emissions. The electricity produced will be sold on the local market.

“We are pleased to support Nofar Energy’s investments in renewable energy in Romania, with the support of the InvestEU guarantee. These solar plants will increase Romania’s renewable energy capacity, supporting the country’s ambition to add 11.9 GW of new renewable capacity by 2030,” said Grzegorz Zielinski, Head of the EBRD’s Energy Department for Europe.

“This achievement is not only an important milestone, it is the natural step in Nofar’s continued journey towards growth and excellence. The successful completion of these projects will play a crucial role in supporting Romania’s ambitious decarbonisation objective, contributing to a greener future for the region”, added Favi Stelian, CEO of Nofar Energy Romania.

The beneficiaries of the Iepuresti and Ghimpatti projects are RTG Solar Energy and Solis Imperium, both registered in Romania and majority owned by OY Nofar Energy, an Israeli renewable energy company listed on the Tel Aviv Stock Exchange.

The EBRD, a leader in climate finance, has so far invested 11 billion euros in 524 projects in Romania.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.