Romania's Dunarea East Wind Project Secures Up to €367 Million in Financing

en.Wedoany.com Reported - On November 6, renewable energy developer Rezolv Energy signed a project financing agreement of up to €367 million in Bucharest, Romania, for the construction of the Dunarea East wind farm in Constanța County in the southeast. The project has a planned installed capacity of 292.5 MW, with funding provided by a lending syndicate composed of six financial institutions and supported by the Danish Export and Investment Fund (EIFO). Construction is planned to proceed after financial close, with commercial operation expected in early 2029.

The financing syndicate comprises Société Générale, Erste Group Bank, Raiffeisen Bank International and its Romanian subsidiary, Mizuho Bank Europe, HYPO NOE Landesbank für Niederösterreich und Wien, and the European Bank for Reconstruction and Development (EBRD). The EBRD is providing a senior loan of up to €31.9 million to Midmar Callatis, a wholly owned project subsidiary of Rezolv Energy, as part of the overall financing package.

The EBRD loan benefits from a €7.6 million first-loss guarantee under the EU's InvestEU programme. The financing is primarily intended for the construction and subsequent operation of the Dunarea East wind farm, with €367 million being the maximum amount stipulated in the financing agreement.

The Dunarea East project secured support covering 211 MW of installed capacity, approximately 72% of the project's total installed capacity, in Romania's second Contracts for Difference (CfD) auction in 2025. The project has also signed a corporate power purchase agreement with international retailer Ahold Delhaize, establishing a long-term power sales arrangement for part of its wind output.

According to project data published by the EBRD, the Dunarea East wind farm is expected to generate approximately 673 million kWh per year, sufficient to meet the annual electricity needs of about 600,000 people. The project's installed capacity represents approximately 4% of Romania's 2030 onshore wind installation target.

Alastair Hammond, CEO of Rezolv Energy, stated that the project financing will enable the Dunarea East wind farm to proceed directly into the construction phase. According to the developer's plans, the project is scheduled to enter commercial operation in early 2029, by which time the company's wind capacity in Romania is expected to exceed 760 MW.