The European Investment Bank (EIB) has pledged €34 million to support the construction and operation of three new photovoltaic (PV) plants in Romania’s southwestern Oltenia region. With a combined capacity of 190 megawatts (MW), the projects are expected to supply electricity to more than 160,000 homes, contributing to Romania’s renewable-energy ambitions and the European Union’s climate goals.

The planned sites are located in the counties of Olt and Dolj, near the Danube River and the Bulgarian border. Construction is set to begin this month, with full commercial operations scheduled for September 2027. The initiative aims to strengthen energy independence, regional development, and the EU-wide transition away from fossil fuels.

The EIB financing package involves loans to three Romanian companies owned 65% by Norway-based Scatec ASA and 35% by Defic Globe BV, forming part of a larger €121 million investment alongside co-financiers EBRD and Romanian lender BCR.

Two of the three solar plants have already secured Contracts for Differences (CfD) via the government auction in 2024, covering approximately two-thirds of the expected output for nearly 15 years. The communes hosting the projects are Dobrun and Sadova.

“Accelerating renewable-energy investment is key for Europe’s economic strength, energy security, and climate ambitions,” said Ioannis Tsakiris, EIB Vice-President. “By supporting a significant new solar portfolio in Romania, we are helping to deliver clean, reliable, and affordable electricity while promoting economic cohesion.”

Terje Pilskog, CEO of Scatec, highlighted the significance of the projects: “Reaching financial close and starting construction in Romania confirms the market’s attractiveness and the strength of the CfD framework. With long-term revenue visibility and a robust financing structure, the projects are well positioned for successful delivery.”

Yasar Tuncer, CEO of Defic Globe, added: “Dobrun and Sadova mark an important step in Europe’s sustainable energy transition. Together with our partners, we are supporting decarbonization and energy security through long-term, bankable renewable assets aligned with EU climate objectives.”

The projects align with Romania’s goal of increasing renewables to over 38% of final energy consumption by 2030, and the EU target of at least 42.5% renewable energy over the same period.