EBRD, Raiffeisen Bank fund 300 MW solar projects in Romania

The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International are providing €110 million ($122.3 million) to finance two solar power plants in south-eastern Romania, with a combined capacity of 300 MW.

The Iepuresti and Ghimpati projects reflect growing confidence in Romania’s renewable energy sector following regulatory reforms.

The EBRD and Raiffeisen will each contribute €55 million, with the first tranche partially guaranteed by the EU’s InvestEU programme. The plants will generate 386 GW/h annually, reducing carbon emissions by 160,000 tons per year.

“These solar power plants will increase Romania’s renewable capacity, supporting the country’s ambition to add 11.9 GW of new renewable capacity by 2030.” Grzegorz Zielinski, EBRD Head of Energy Europe, said.

To date, the EBRD, a major investor in Romania’s green transition, has committed nearly €11 billion to 524 projects in the country.

Attribution: EBRD statement

Subediting: Y.Yasser