BSTDB Provides EUR 16 Million for Dama Solar Power Project in Romania
Financing supports the development of one of Europe’s largest ground-mounted solar photovoltaic projects
The Black Sea Trade and Development Bank (BSTDB) is providing a EUR 16 million long-term loan to support the development, construction and operation of the Dama Solar Power Project in Arad County, Romania, sponsored by Rezolv Energy.
With an installed capacity of up to 1.3 GW, Dama Solar is expected to become one of the largest ground-mounted solar photovoltaic projects in Europe. The project will comprise three blocks and will supply renewable electricity to Romania’s national transmission network.
BSTDB’s loan forms part of a broader debt financing package of up to EUR 561 million provided by a consortium of international financial institutions and commercial banks. The financing includes an anchor investment by the European Investment Bank (EIB), benefiting from an InvestEU guarantee, alongside financing from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), BSTDB and ten commercial banks: Erste Group, UniCredit Bank Romania, Intesa Sanpaolo Bank Romania, Société Générale, OTP Bank Magyarország, ČSOB, Raiffeisen Bank Romania, Raiffeisenlandesbank Niederösterreich-Wien AG, Piraeus and Siemens Bank.
Once operational, the project is expected to generate approximately 1,800 GWh of renewable electricity annually and avoid around 311,699 tonnes of CO₂-equivalent emissions each year. The additional generation capacity will support Romania’s renewable-energy transition and contribute to the diversification and resilience of its electricity system.
Part of the project’s capacity has secured Contracts for Difference under Romania’s renewable-energy support scheme, backed by the EU Modernisation Fund. The project also benefits from a corporate power purchase agreement covering part of its electricity generation.
“Dama Solar represents a major addition to Romania’s renewable generation capacity. By providing long-term financing alongside international and commercial lenders, BSTDB is supporting an investment of significant scale that will contribute to Romania’s energy transition and to a more resilient electricity system,” said Dr. Serhat Köksal, President of BSTDB.
“Delivering large-scale renewable energy projects to help facilitate the energy transition requires significant capital resources, and we are pleased to welcome BSTDB to our growing family of relationship lenders as we progress Dama Solar into construction,” said Jan Viton, Head of Financing at Rezolv Energy.
Rezolv Energy is an independent renewable energy platform focused on developing and operating large-scale clean power assets across Central and Eastern Europe. Built on more than 15 years of regional experience in renewable energy development, Rezolv Energy is backed by Actis and Mubadala and is committed to delivering clean, reliable power through a growing portfolio of high-quality renewable energy projects. The platform has approximately 750 MW of renewable energy capacity under construction in Romania and Bulgaria, and a further 1.9 GW of wind and solar projects in advanced development, including the Dama Solar Power Project in Romania.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.
Contact: External Relations and Communications Department
