Image: Jadon Kelly, Unsplash
Israeli renewable energy company Nofar Energy has secured €110 million in financing to build and operate two solar power plants in southeastern Romania.
The money comes from the EBRD and Vienna-based Raiffeisen Bank International. The EBRD provides a loan of €55 million, supplemented by the Raiffeisen Bank in two tranches of €25 million and €30 million.
The Iepuresti and Ghimpati solar projects will have a total capacity of approximately 300 MW. Together they are expected to generate 386 GWh of sustainable electricity per year. The electricity will be sold on the local market.
“The successful completion of these projects will play a crucial role in supporting Romania’s ambitious goal of decarbonizing its economy and will contribute to a greener future for the region,” said Favi Stelian, CEO of Nofar Energy Romania.
The EBRD has invested almost €11 billion in 524 projects across Romania. A statement on the website said the latest investment underlines the growing confidence in the Romanian renewable energy market following important regulatory changes.
The Romanian Ministry of Energy recently approved a new contracts-for-difference mechanism. The first renewable energy auction under the scheme, which aims to procure 500 MW of solar energy, is scheduled for later this year.
The Romanian energy regulatory body has recently made changes grid connection processeswhile the country’s parliament passed a bill requiring prosumers with PV systems between 10.8 kW and 400 kW to install solar panels energy storage systems.
Romania has pledged to increase its share of renewable energy to 36.2% of total consumption by 2030 by adding 11.9 GW of new capacity. The EBRD’s latest investment follows a €12.5 million loan to finance the construction of two 60 MW solar power plants in Tunisia.
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