Fourteen Lenders Back Rezolv Energy's $637 Million Green Loan for Romania's 1.3 GWp Dama Solar Project

The financing package signed on 30 September 2026 for Dama Solar, a 1.3 GWp solar development in Arad County, western Romania, brings together one of the largest lending groups assembled for a single renewable energy project in the European Union.

Arranged by Actis-backed Rezolv Energy through its project subsidiary West Power Investments, the up to USD 637 million facility is anchored by the European Investment Bank and structured as a green loan.

The lending group behind the transaction

Fourteen institutions are providing the debt. At the centre sits an anchor investment from the European Investment Bank, which benefits from an Invest EU guarantee.

Around that anchor, three Development Finance Institutions are participating: the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Black Sea Trade and Development Bank (BSTDB). The remaining ten lenders are commercial banks.

The list comprises 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.

Several of these institutions carry significant footprints in Romania and across Central Europe, giving the syndicate a blend of regional commercial lending capacity and multilateral development finance backing.

Contracted revenues from auctions and private offtake

The revenue model underpinning the loan rests on two distinct channels.

The first is a pair of Contracts for Difference awarded to Dama Solar in Romania's second CfD auction. Together, these contracts cover 520 MW of the project's capacity, providing state-backed contracted revenue for a substantial share of the 1.3 GWp development.

The second channel is a corporate Power Purchase Agreement concluded with a premium off-taker.

The combination of the two CfDs and the corporate PPA creates a layered revenue structure that spans both regulated and commercial offtake, and according to Rezolv Energy, this combination enabled the project to secure one of the largest renewable energy financing packages assembled for a single project in the European Union.

Generation scale and relevance for Romania

Once operational, Dama Solar is expected to produce 1,800 GWh of renewable electricity each year. Rezolv Energy states that this volume is equivalent to approximately 36% of Romania's total solar electricity generation in 2025, a figure that indicates the scale of the project's contribution to the national grid. At 1.3GWp, the project also occupies a distinct position within the EU's renewable energy landscape.

Rezolv Energy describes Dama Solar as the largest onshore renewable energy project currently being developed in the European Union, and states that once operational it will become the largest onshore renewable energy project in the bloc.

Sustainability credentials of the loan

The debt has been structured as a green loan, a format that ties lending to environmentally beneficial projects. In an independent assessment, Moody's awarded the financing the highest possible Sustainability Quality Score. Rezolv Energy's announcement cites this rating as reflecting the evaluation of the project's environmental credentials.

The green loan structure, combined with the Moody's score and the involvement of the EIB as anchor investor, places EU-level financial support at the core of the transaction. The participation of the EBRD, IFC, and BSTDB alongside the ten commercial banks extends that support across both development finance and syndicated commercial lending.

The sponsors and the project company

Rezolv Energy is backed by Actis, the global investment firm. The company is pursuing Dama Solar through West Power Investments, its project subsidiary, which signed the financing package. The path to the signed facility runs through Romania's second CfD auction, in which the project secured its two Contracts for Difference covering 520 MW.

Rezolv Energy identifies this award, together with the corporate PPA with the premium offtaker, as a key pillar of the project's bankability and as central to attracting the lending group.

From signing to construction

The signing of the up to USD 637 million package moves the 1.3 GWp project into the construction phase. With debt committed by fourteen lenders and the revenue framework in place through the CfDs and the PPA, the development in Arad County now proceeds toward delivery. The signing was announced on 30 September 2026.

Once the project is built and operational, the 1,800 GWh of expected annual generation will add substantial renewable electricity volumes to the Romanian grid, and the development will take its place as the largest onshore renewable energy project in the European Union, according to Rezolv Energy.

A transaction of regional weight

The size of the facility, the breadth of the consortium, and the contracted revenue base collectively distinguish the transaction within the region's renewable energy sector.

Fourteen lenders spanning commercial and development finance institutions, a green loan structure rated at the highest possible Sustainability Quality Score by Moody's, and a project scale of 1.3 GWp together define the deal announced by Rezolv Energy at the end of September 2026.

For Romania, the expected output of 1,800 GWh per year, roughly equal to 36% of the country's total solar electricity generation in 2025, represents a significant addition to the national renewable electricity supply.

For the sponsors, the financing represents the culmination of a development process that now gives way to construction, with the European Investment Bank's anchor investment and Invest EU guarantee at the centre of the funding package and the ten commercial banks and three DFIs forming the wider lending base.