The financing will support construction and operation of three photovoltaic plants in southwestern Romania with a combined capacity of 190 megawatts, enough to power more than 160,000 homes.

The production sites are planned in Olt and Dolj counties in the Oltenia region, which borders Bulgaria and the Danube River. Construction is set to begin this month with full commercial operations due to start in September 2027. 

The EIB support involves loans totalling €34 million to three Romanian solar companies owned 65% by Norway-based renewable energy developer Scatec and 35% by Defic Globe. The EIB credit is part of a €121 million financing package, with the European Bank for Reconstruction and Development (EBRD) and Romanian lender BCR also financing the project.

"Accelerating renewable energy investment is key for Europe's economic strength, energy security and climate ambitions," said EIB Vice-President Ioannis Tsakiris. "By supporting a new solar portfolio in Romania, we are helping to deliver clean, reliable and affordable electricity while promoting economic cohesion." Terje Pilskog, CEO of Scatec, said reaching financial close and starting construction of their first projects in Romania confirms the attractiveness of the Romanian market and the strength of the CfD framework.

Two of the three planned solar plants have already secured Contracts for Differences (CfD) via the auction conducted by the Government in 2024, covering around two-thirds of the project's expected output for almost 15 years. The solar farms will be located in the communes of Dobrun and Sadova.