/BUCHAREST, August 5, 2024, 11:00 CEST, RENEWABLE MARKET WATCHTM/ The European Bank for Reconstruction and Development (EBRD) announced today its decision to provide €12.2 million for the construction of two solar photovoltaic power plants in Romania’s Dolj County. This is part of a limited recourse financing package aimed at boosting renewable construction in the country and supporting Romania in meeting its ambitious renewable energy targets. The Eastern European country has committed to increasing the share of renewables in its total energy consumption from 24.3 per cent in 2019 to a more ambitious 36.2 per cent by 2030 by adding 11.9 GW of new renewable capacity.
The beneficiary of this limited recourse financing will be Danube Solar Five, a special purpose vehicle (SPV) incorporated in Romania. The SPV’s owner is INVL Renewable Energy Fund I, which is based in Lithuania and managed by UAB INVL Asset Management (INVL). INVL has a successful track record of over 30 years and manages more than €1 billion in assets, including energy, real estate, and infrastructure, throughout the Baltics and Eastern Europe, instilling confidence in the project’s management.
The EBRD will provide half of a €24.4 million bond to build the solar power plants at Robanesti and Pielesti. These plants will have a total installed capacity of 60MW. The Eiffel Investment Group, a Paris-based energy infrastructure investment fund and an existing partner of the EBRD, will provide the remaining €12.2 million as a co-lender, demonstrating a strong financial backing for the project.
The fund is currently investing in 8 projects for solar photovoltaic power plants in Romania, with a combined capacity of 451 MW. The total capacity of a portfolio of renewable energy projects of the INVL Renewable Energy Fund I is 483 MW. Additionally, in Poland, the fund is developing solar park projects with over 32 MW of capacity. The total investments in the projects in Romania and Poland are expected to exceed EUR 330 million. Construction of all the solar parks in these countries is projected to be completed by the end of 2025.
By the end of 2011, the country had approximately 3MW installed capacity, by the end of 2012, this capacity increased fourteenfold to approximately 42MW, and with a more than thirty-fold explosive growth, cumulative installed capacity reached 1,293MW (1.29GW) by the end of 2014. However, solar photovoltaic market growth in Romania between 2015 and 2020 was moderate, with only 97MW newly installed capacity in this period. The Renewable Market Watch™ registered that after a 7-year stagnation in the solar power market in Romania since 2021, the activity in the solar energy sector increased, and the number of photovoltaic projects under development and construction is promptly increasing. According to the latest market data, the Romanian solar PV market added more than 1 GW of newly installed capacity in 2023 and scored a remarkable 308 % increase compared to the previous year’s growth. Thus, Romania reached a cumulative solar capacity of 2.9 GW at the end of 2023.
For more information about the solar power market in Romania, including full contact details of solar project owners and developers, you may read here: Romania Solar Photovoltaic (PV) Power Market Outlook 2024÷2033
In order to download the executive summary brochure with sample pages, please access from here: Romania Solar Photovoltaic (PV) Power Market Outlook – Sample
For a better understanding of the benefits of using our reports, you may read here: Benefit List – Reports of Renewable Market Watch – 2024
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