Romania will expand its solar power production with EUR 34 million in financing from the European Investment Bank (EIB) to support the development of three photovoltaic parks in the southwest. The new plants, to be built in Olt and Dolj counties in the Oltenia region, will have a combined installed capacity of 190 megawatts, enough to power more than 160,000 homes, the bank said.

Construction is set to begin this month, with full commercial operations expected by September 2027. 

The investment is aimed at advancing Romania’s and the European Union’s climate goals, strengthening energy independence, and supporting regional development in an area bordering Bulgaria and the Danube River, the same source stated.

The EUR 34 million EIB loan will go to three Romanian solar companies owned 65% by Norway-based renewable-energy developer Scatec ASA and 35% by Defic Globe BV. The EIB financing forms part of a broader EUR 121 million package, alongside funding from the European Bank for Reconstruction and Development (EBRD) and Romanian lender Banca Comercială Română (BCR).

Two of the three projects have already secured Contracts for Differences (CfD) under a 2024 auction conducted by the Romanian government, covering around two-thirds of their expected output for nearly 15 years. The solar farms will be located in the communes of Dobrun and Sadova.

“Accelerating renewable-energy investment is key for Europe’s economic strength, energy security and climate ambitions,” said EIB Vice-President Ioannis Tsakiris.

“Reaching financial close and starting construction of our first projects in Romania is an important step and confirms the attractiveness of the Romanian market and the strength of the CfD framework. With long-term revenue visibility and a robust financing structure in place, the projects are well positioned for construction and delivery,” stated, in turn, Terje Pilskog, CEO of Scatec. 

In the area of clean energy, the project supports a Romanian goal for renewables to account for more than 38% of final energy consumption by 2030 and the EU renewables target of at least 42.5% over the same period.

irina.marica@romania-insider.com

(Photo source: Peter Adams/Dreamstime.com)