Actis-backed Rezolv Energy, through its project subsidiary West Power Investments, has signed a project financing package of up to USD 637 million for Dama Solar, a 1.3 GWp solar project located in Arad County, western Romania.

A landmark financing package for Dama Solar

The announcement was made on 30 September 2026. Once operational, Dama Solar will become the largest onshore renewable energy project in the European Union.

The financing is described as a green loan, and it received the highest possible Sustainability Quality Score in an independent assessment by Moody's, according to Rezolv Energy's announcement.

A 14-lender consortium

A consortium of 14 lenders has provided the financing package. It is underpinned by an anchor investment from the European Investment Bank (EIB), which benefits from an Invest EU guarantee.

The consortium comprises 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.

Three additional Development Finance Institutions (DFIs) are also participating: the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Black Sea Trade and Development Bank (BSTDB).

The breadth of the lending group brings together a mix of regional commercial banks, including several with significant Romanian and Central European footprints, alongside multilateral and development finance institutions, all united in supporting the single largest onshore renewable energy project currently being developed in the European Union.

Revenue underpinned by CfDs and a corporate PPA

The financing structure is underpinned by two Contracts for Difference (CfDs) awarded to Dama Solar in Romania's second CfD auction. These CfDs cover 520 MW of the project's capacity, providing a contracted revenue foundation for a substantial portion of the 1.3 GWp development.

In addition to the CfDs, the financing is supported by an additional corporate Power Purchase Agreement (PPA) with a premium offtaker. The combination of state-backed CfD contracts and a private corporate PPA gives the project a layered revenue structure spanning both regulated and commercial offtake channels.

Scale of generation and its significance for Romania

Once operational, Dama Solar is expected to generate 1,800 GWh of renewable electricity annually.

According to Rezolv Energy, this is equivalent to around 36% of Romania's total solar electricity generation in 2025, underscoring the scale of the project's contribution to the country's renewable energy output. The 1.3 GWp capacity places the project in a category of its own within the EU's onshore renewable energy landscape.

Located in Arad County in western Romania, the project will move into construction with the benefit of the newly secured financing.

A green loan with top-tier sustainability credentials

The financing has been structured as a green loan, a structure that ties debt provision to environmentally beneficial projects. In an independent assessment, Moody's awarded the financing the highest possible Sustainability Quality Score, a rating that reflects the evaluation of the project's environmental credentials.

The involvement of the European Investment Bank as an anchor investor, supported by an Invest EU guarantee, positions EU-level financial support at the core of the transaction.

Around that anchor, the participation of institutions such as the EBRD, IFC, and BSTDB adds development finance backing, while the ten commercial banks provide the broader syndicated lending base.

Context: Rezolv Energy and its backers

Rezolv Energy is backed by Actis, the global investment firm, and is pursuing the Dama Solar project through its project subsidiary West Power Investments. The signing of the financing package represents the culmination of a process that brings the project from development into the construction phase.

Romania's second CfD auction, in which Dama Solar secured its two Contracts for Difference covering 520MW, forms a key pillar of the project's bankability. 

The award of these contracts, combined with the corporate PPA with a premium offtaker, enabled the project to attract one of the largest renewable energy financing packages assembled for a single project in the European Union.

What the financing enables

The signing of the up to USD 637 million package takes the 1.3GWp Dama Solar project into construction.

With financing in place from 14 lenders, anchored by the EIB and supported by a mix of commercial banks and development finance institutions, the project now proceeds toward becoming the largest onshore renewable energy project in the European Union once operational.

The expected annual generation of 1,800 GWh, equivalent to around 36% of Romania's total solar electricity generation in 2025, will add significant volumes of renewable electricity to the Romanian grid. The project's scale, its green loan structure, and its top-rated Sustainability Quality Score from Moody's collectively mark it out as a landmark transaction for the region's renewable energy sector.

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