Unigea Solar Projects Romania S.A., a key subsidiary of the German-based Unigea Solar Projects GmbH, Berlin, and Kommunalkredit Austria AG have reached the financial close of a €30.25 million development financing arrangement for the 85 MW solar project, HELIOS I.
The financing will be allocated towards the development, construction, and operation of this landmark solar project, located in Arad, Transylvania, Romania.
The financing project was a multi-jurisdictional effort, that brought together key stakeholders and advisers from Austria, Germany, Bulgaria, and Romania, requiring the negotiation and finalisation of a complex set of security instruments and project documentation including also a due diligence exercise, tailored to the specifics of a cross-border transaction.
Volker Kruse, Head of Banking at Kommunalkredit, commented: “We are delighted to have supported Unigea Romania in realising this project, which makes an important contribution to the country’s green transition. This transaction underscores Kommunalkredit’s strong role in financing greenfield renewable energy projects in Romania – and our position as a trusted partner for Austrian developers expanding into the Romanian market.”
Legal advice for Kommunalkredit was provided by PHH Rechtsanwält:innen (Vienna) as legal counsel on Austrian law matters and Dentons (Bucharest) as legal counsel on Romanian law matters, while Unigea group was advised by Bohâl?eanu ?i Asocia?ii (Bucharest) as main legal counsel for the borrower.
Upon completion, the Helios I Arad photovoltaic (PV) park is set to become the largest east-west-oriented solar power generation complex in Eastern Europe, significantly contributing to the region’s renewable energy capacity.
Strategically located near the former CET Arad coal-fired power plant, the PV arrays will be installed across a 68-hectare site, repurposing an area that previously served as the coal-fired power plant's ash disposal facility.
Unigea Solar Projects Romania acquired the PV project in its ready-to-build phase in early 2024, and commenced the construction of a new substation in mid-2024. The coming months will be focused on the construction of the 85 MW DC park, with the commercial operations schedule to begin in 1Q26. ENEVO Group SRL, headquarted in Bucharest, has been appointed as the main EPC contractor, who has sub-contracted ATARO Solar from Plovdiv for the mounting structure and installations. GCL System Integration Technology GmbH has been engaged to deliver a total of 139 832 PV modules and Photomate s.r.o. as the supplier of inverters and solar tracking systems.
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