Nofar Energy, an Israeli renewable energy company listed on the Tel Aviv Stock Exchange, plans to borrow up to 55 million euros from the European Bank for Reconstruction and Development (EBRD) to build two photovoltaic projects in Romania with a total capacity of 315 MW.

The financing involves a loan of up to €55 million to RTG Solar Energy SRL (“Iepurești Project – 169 MW”) and Solis Imperium SRL (“Ghimpați Project – 146 MW”). The two project companies intend to build and operate solar parks with a combined capacity of 315 MW in Giurgiu County in south-eastern Romania. The combined output of the two locations will be around 400 GWh of power yearly, preventing the release of 170,000 tonnes of CO2 into the atmosphere annually.

The solar park will be developed on arable land, purchased by the Nofar Energy Group, away from local, national or community protected areas. The environmental and social impact assessment shows that the project presents a minimal environmental risk from the perspective of the environmental authorities.

The EBRD loan is expected to be approved on 6 March.In November 2023, Econergy and Nofar Energy inaugurated the largest photovoltaic park in South-East Europe in Rățești. Nofar Energy plans to invest 500 million euros between 2023-2024 to develop solar energy projects in Romania.