The European Investment Bank (EIB) has committed €34 million to support the development of three new solar parks in southwestern Romania. These photovoltaic plants, located in the Oltenia region across Olt and Dolj counties, will have a combined capacity of 190 megawatts (MW), enough to provide electricity for over 160,000 homes. Construction is set to begin immediately, with full commercial operations expected by September 2027, contributing to Romania’s and the European Union’s climate, energy independence, and regional development objectives.
The financing from EIB is part of a broader €121 million package for subsidiaries of the renewable energy developer Scatec, with the European Bank for Reconstruction and Development (EBRD) and Romanian lender BCR also providing funding. The solar parks are among Romania’s largest, accelerating the transition away from fossil fuels while promoting EU-wide goals to reduce reliance on energy imports and expand renewable energy market share. Two of the plants have already secured Contracts for Differences through the 2024 government auction, covering around two-thirds of their expected output for nearly 15 years.
EIB Vice-President Ioannis Tsakiris emphasized that supporting Romania’s solar portfolio strengthens clean, reliable, and affordable electricity supply, while mobilizing additional capital through partnerships with EBRD and BCR to advance the green transition. Scatec CEO Terje Pilskog highlighted that financial close and project commencement demonstrate the attractiveness of Romania’s market and the robustness of the Contracts for Differences framework, positioning the projects for successful delivery. Similarly, Defic CEO Yasar Tuncer noted the projects’ contribution to Europe’s sustainable energy transition by supporting decarbonization and energy security.
The initiative aligns with Romania’s national renewable energy target of more than 38% of final energy consumption by 2030, as well as the EU target of at least 42.5% for the same period. EIB, Scatec, and Defic collectively aim to deliver utility-scale renewable energy capacity, fostering sustainable economic development while advancing the EU’s climate and energy objectives.
The EIB, as the EU’s long-term lending institution, finances projects that support climate action, technological innovation, and sustainable development, in line with the Paris Climate Agreement. Scatec is a global provider of renewable energy solutions operating across five continents, committed to growing reliable and affordable clean energy capacity. Defic specializes in utility-scale renewable energy projects in Europe, managing the full project lifecycle and partnering with financial institutions to deliver decarbonization and energy security solutions aligned with EU priorities.
