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EU’s largest solar project reaches financial close

The €561 million ($637.3 million) financing package allows Rezolv Energy’s 1.3 GW solar project, to be built in western Romania, to move into construction. 
Patrick Jowett
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Patrick Jowett
Rezolv Energy’s 225 MW St. George solar park in Bulgaria was switched on earlier this year. | Image: Rezolv Energy

Prague-headquartered independent power producer Rezolv Energy says it has signed an up to €561 million ($637.3 million) financing package for its planned 1.3 GW solar plant.

According to an update posted by Rezolv on LinkedIn, the Dama solar project, to be built in the Arad county of western Romania, will be the largest onshore renewable energy project in the European Union.

It is expected to generate around 1.8 TWh of electricity annually once fully operational, equivalent to around 36% of Romania’s total solar electricity generation last year. Rezlov says its production will cover the consumption of over 280,000 households, or close to one million people.

The financing package is underpinned by an anchor investment by the European Investment Bank and comes from a consortium of 14 lenders including ten commercial banks alongside the European Bank for Reconstruction and Development, International Finance Corporation and Black Sea Trade & Development Bank.

Rezolv adds that the financing is its largest transaction signed to date. It is underpinned by two contracts for difference awarded to the project during Romania’s second renewables auction covering 520 MW of the total capacity, the company added, alongside an additional corporate power purchase agreement with an unnamed offtaker.

The financial close follows the granting of final legal approvals for the project by the Romanian Energy Regulatory Authority last month.

Rezolv says the project will now move into construction with commercial operations expected in the second half of 2028.

Romania’s solar market has continued to develop strongly this year, with cumulative capacity exceeding 8.5 GW as of the end of July.

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