EIB Commits €34 Million to Major Solar Expansion in Romania

The investment will accelerate Romania’s renewable energy transition, strengthen energy independence, and contribute to EU-wide climate goals.

The European Investment Bank (EIB) has announced a €34 million financing commitment to support a major expansion of solar-power production in Romania, backing the construction of three large photovoltaic plants with a combined capacity of 190 megawatts (MW) — enough to supply electricity to more than 160,000 homes.

The investment will accelerate Romania’s renewable energy transition, strengthen energy independence, and contribute to EU-wide climate goals.

Three Photovoltaic Plants Planned in Oltenia Region

The solar projects will be developed in southwestern Romania, in the counties of Olt and Dolj, located in the Oltenia region along the Danube River and bordering Bulgaria.

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

The plants will be located in the communes of Dobrun and Sadova, and together represent some of Romania’s largest solar developments to date.

Part of €121 Million Financing Package

The EIB loans will be provided to three Romanian solar companies owned:

• 65% by Norway-based renewable developer Scatec ASA

• 35% by Defic Globe BV

The EIB’s €34 million contribution forms part of a broader €121 million financing package, co-financed by:

• The European Bank for Reconstruction and Development (EBRD)

• Romanian lender BCR

The blended financing structure highlights growing investor confidence in Romania’s renewable market.

Supporting Romania’s Shift Away From Fossil Fuels

The new solar plants are expected to significantly boost clean electricity generation and reduce reliance on fossil fuels, supporting both national and European efforts to cut emissions and reduce dependence on imported energy.

The project aligns with Romania’s target for renewables to account for more than 38% of final energy consumption by 2030, as well as the EU’s binding renewables goal of at least 42.5% by the same year.

Long-Term Revenue Stability Through CfD Contracts

Two of the three planned solar plants have already secured Contracts for Differences (CfDs) through Romania’s 2024 government auction.

These contracts cover around two-thirds of the expected output for nearly 15 years, providing long-term revenue certainty and strengthening the bankability of the projects.

EIB: Renewables Key to Energy Security and Cohesion

EIB Vice-President Ioannis Tsakiris said accelerating renewable investment is essential for Europe’s economic resilience and climate ambitions.

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

“By supporting a significant new solar portfolio in Romania, we are helping to deliver clean, reliable and affordable electricity while promoting economic cohesion.”

He added that EIB financing is mobilising capital at scale alongside EBRD and BCR.

Developers Highlight Romania’s Market Attractiveness

Scatec CEO Terje Pilskog said reaching financial close and launching construction marks a major milestone.

“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,” Pilskog said.

Defic CEO Yasar Tuncer described the projects as a significant contribution to Europe’s sustainable transition.

“Together with our partners… we are supporting decarbonization and energy security through the delivery of long-term, bankable renewable assets aligned with the European Union’s climate objectives,” Tuncer said.

A Major Boost for Romania’s Green Transition

The Dobrun and Sadova solar plants are expected to play a key role in Romania’s renewable energy expansion, delivering large-scale clean power generation, supporting regional development, and contributing to EU climate neutrality objectives.