Rezolv Energy Secures $630 Million to Build the EU’s Largest Onshore Renewable Energy Project

Renewable energy producer Rezolv Energy announced that it has secured a financing package of up to €561 million (USD$630 million) to take its 1.3GW Dama Solar project in Romania into construction.

Spanning more than 1,000 hectares anticipate to generate around 1,800 GWh of clean power annually, the solar farm will become the largest onshore renewable energy project in the EU, according to Rezolv.

With the new financing in place, Rezolv said that the project will move directly into the construction phase, with the engineering, procurement and construction (EPC) partners to be confirmed shortly, and is expected to enter commercial operations in the second half of 2028.

The company added that current plans envisage a peak workforce of around 1,500 people during construction. The project will also incorporate an 82-hectare nature reserve, which will be one of the largest private-led nature restoration projects associated with a solar project in Southeastern Europe.

The €561 million financing was anchored by the European Investment Bank (EIB), benefitting from an InvestEU guarantee, with commitments from 14 lenders, comprising 10 commercial banks – Erste Group Bank, UniCredit Bank, Banca Comercială Intesa Sanpaolo Romania, Société Générale, OTP Bank, Československá obchodní banka (ČSOB), Raiffeisen Bank S.A., Raiffeisenlandesbank Niederösterreich-Wien, Piraeus Bank and Siemens Bank – as well as three additional Development Finance Institutions (DFIs): European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and Black Sea Trade and Development Bank (BSTDB).

Additionally, the financing was underpinned by two Contracts for Difference (CfDs) awarded to Dama Solar in Romania’s second CfD auction covering 520MW of the project’s capacity, as well as an additional corporate Power Purchase Agreement (PPA) with a premium offtaker.

Rezolv said that the financing marks largest ever signed by the company to date, both in terms of the size of the financing package and the number of lenders involved.

Alastair Hammond, CEO of Rezolv Energy, said:

“Securing financing of this scale from 14 lenders is a major achievement and will allow us to move directly into construction. We are grateful to our financing partners for their continued confidence in Rezolv Energy and in this iconic project. It will make an important contribution to Romania’s energy transition and its long-term energy security.”