The European Investment Bank (EIB) has promised a €34 million loan to help Romania build solar power projects with a total capacity of 190 megawatts (MW). This will help the country reach its renewable energy goals and increase the amount of clean energy it produces.
Under the financing deal, the EIB will provide loans worth €34 million to three Romanian solar companies primarily owned by Norway-based renewable energy developer Scatec ASA (65 %) and Defic Globe BV (35 %). This support is part of a broader €121 million financing package that also includes backing from the European Bank for Reconstruction and Development (EBRD) and Romanian lender BCR (Banca Comercială Română).
Three Solar Power Parks to Rise in Oltenia
The funding will go toward constructing and operating three solar power parks in southwestern Romania’s Oltenia region, specifically in Olt and Dolj counties near the Danube and the Bulgarian border. Construction work is scheduled to begin this month, with full commercial operations expected by September 2027.
Two of the solar plants have already secured Contracts for Difference (CfDs) through a government auction held in 2024, covering roughly two-thirds of the project’s anticipated energy output for up to 15 years, providing long-term revenue certainty.
Supporting Europe’s Climate Goals
EIB Vice-President Ioannis Tsakiris emphasised the importance of renewable investment in advancing Europe’s climate and energy goals, saying, “Accelerating renewable-energy investment is key for Europe’s economic strength, energy security and climate ambitions. By supporting a significant new solar portfolio in Romania, we are helping to deliver clean, reliable and affordable electricity while promoting economic cohesion.”
The project supports Romania’s national goal of increasing the share of renewables to more than 38 % of final energy consumption by 2030, aligning with the European Union’s target of achieving at least 42.5 % renewable energy in the same period.
Market Confidence and Local Benefits
Scatec CEO Terje Pilskog noted the importance of achieving financial close and starting construction, highlighting Romania’s market attractiveness and the strength of the CfD framework in ensuring long-term project viability.
Meanwhile, Yasar Tuncer, CEO of Defic, said the initiative reflects the partners’ contribution to Europe’s green transition and energy security.
The new solar power parks are expected to generate significant renewable energy output, reduce carbon emissions, and contribute to local economic development through job creation and infrastructure growth.
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