EBRD supports Romanian renewable energy with €12.2 million for solar power plants 

The European Bank for Reconstruction and Development (EBRD) announced that it will provide €12.2 million for the construction of two solar power plants in Romania’s Dolj County.

The funding is part of a “limited recourse financing package” directed at accelerating renewables construction in the country and supporting Romania in meeting its renewable energy targets.

The borrower is Danube Solar Five, a special purpose vehicle incorporated in Romania, owned by Lithuania’s INVL Renewable Energy Fund I and ultimately managed by UAB INVL Asset Management (INVL).

The funds are being provided to Danube Solar Five, a special-purpose vehicle incorporated in Romania and owned by Lithuania’s INVL Renewable Energy Fund 1. The special purpose vehicle is managed by UAB INVL Asset Management (INVL).

INVL has been in operation for over 30 years and manages over €1 billion in assets, which include real estate, energy, and infrastructure throughout the Baltics and Eastern Europe.

The funds being provided by the EBRD cover half of a €24.4 million bond focused on building the plants at Robanesti and Pielesti. The two plants, together, will have a capacity of 60 megawatts.

The remaining half of the bond will be provided by Eiffel Investment Group, a Paris-based energy infrastructure investment fund.

Romania, being a part of the European Union, has committed to implementing the EU’s Fourth Energy Package, "Clean Energy for all Europeans." This package is intended to update the EU electricity market, making it more adaptable and capable of integrating a larger proportion of renewable energy sources.

Romania has recently made significant enhancements to the domestic regulatory framework for renewables, beginning with the complete deregulation of the local energy market as of 1 January 2021.