Romania to expand solar-power production with €34 million in financing from EIB

This article is published in association with European Investment Bank.

• EIB commits €34 million to support development of three solar parks in southwestern Romania.
• New photovoltaic plants in Oltenia region to have enough combined capacity to power more than 160,000 homes.
• EIB financing is for subsidiaries of clean-energy developer Scatec and is part of €121 million package.

The European Investment Bank (EIB) is committing €34 million for an expansion of solar-power production in Romania. The EIB financing is to support the construction and operation in southwestern Romania of three photovoltaic plants that will have a combined capacity of 190 megawatts (MW) – enough to power more than 160,000 homes in the country.

The planned production sites are in the counties of Olt and Dolj, which are located in the Oltenia region that borders Bulgaria and the Danube River. With construction set to begin this month and full commercial operations due to start in September 2027, the project will advance goals by Romania and the European Union as a whole to fight climate change, increase energy independence and strengthen regional development.

The EIB support involves loans totalling €34 million to three Romanian solar companies that are owned 65% by Norway-based renewable-energy developer Scatec ASA and 35% by Defic Globe BV. The EIB credit is part of a €121 million financing package. The European Bank for Reconstruction and Development (EBRD) and Romanian lender BCR are also financing this project.

The new plants, which together are among Romania’s biggest solar projects, will accelerate the country’s transition away from fossil fuels that cause climate change. That in turn will bolster EU-wide drives to reduce reliance on energy imports and increase the market share of renewable energy.

Two of the three planned solar plants have already secured Contracts for Differences via the CfD auction conducted by the Government in 2024 covering around two-thirds of the project’s expected output for almost 15 years. The communes in which the three solar farms will be located are called Dobrun and Sadova.

“Accelerating renewable-energy investment is key for Europe’s economic strength, energy security and climate ambitions,” said EIB Vice-President Ioannis Tsakiris. “By supporting a significant new solar portfolio in Romania, we are helping to deliver clean, reliable and affordable electricity while promoting economic cohesion. And our financing is mobilising capital together with EBRD and BCR at scale to advance the green transition.”

“Reaching financial close and starting construction of our first projects in Romania is an important step and confirms the attractiveness of the Romanian market and the strength of the CfD framework. With long-term revenue visibility and a robust financing structure in place, the projects are well positioned for construction and delivery. We look forward to advancing the projects together with our partner Defic Globe, and financing partners EIB, EBRD and BCR, as well as contributing to Romania’s energy transition,” says Terje Pilskog, CEO of Scatec. 

“Dobrun and Sadova projects mark an important step in Defic’s contribution to Europe’s sustainable energy transition. Together with our partners EIB, EBRD, BCR and Scatec, we are supporting decarbonization and energy security through the delivery of long-term, bankable renewable assets aligned with the European Union’s climate objectives” says Yasar Tuncer, CEO of Defic.

In the area of clean energy, the project supports a Romanian goal for renewables to account for more than 38% of final energy consumption by 2030 and EU renewables target of at least 42.5% over the same period.

Background information  

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU and the capital markets union.

The EIB Group, which includes the European Investment Fund (EIF), signed almost €100 billion in new financing in 2025, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60 % of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

Scatec

Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own and operate renewable energy plants across five continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. www.scatec.com

Defic

Defic is a renewable energy development and investment platform focused on utility-scale renewable projects in Europe, with a particular emphasis on supporting the continent’s sustainable energy transition. The company is active across the full project lifecycle, including development, permitting, financing, construction coordination, and long-term asset management. Defic works closely with international financial institutions, commercial lenders, and strategic partners to deliver bankable projects that contribute to decarbonization, energy security, and the integration of renewable energy into European power systems. Through its portfolio, Defic aims to support the European Union’s climate and energy objectives while fostering sustainable economic development in the regions where it operates. https://deficglobe.com/