R.Power, a pan-European independent power producer (IPP) with a fast-growing multi-technology portfolio, has signed a project finance facility with a total value of €41.6 million (€34.1 million and RON 39.5 million [~€7.5 million]) for a portfolio of four photovoltaic (PV) projects in Romania totalling approximately 75 MWp.
The facility has been provided on a club deal basis, split equally between ING Bank NV and UniCredit Bank SA – two of Europe’s leading project finance lenders – reflecting the strong appetite among institutional lenders for well-structured renewables transactions in Central and Eastern Europe (CEE).
The four high quality PV projects, including a 55 MWp high-voltage project, are due to be connected in 2027, providing valuable additions to Romania’s rapidly expanding utility scale clean energy generation capacity.
They form part of R.Power’s growing solar, hybrid and energy storage pipeline in Romania, which now amounts to 2 GW. This includes two operational PV projects and several PV projects awarded Contracts for Difference in Romania’s 2024 auction process.
Michal Swól, Chief Investment Officer at R.Power, said: “This transaction is a good example of how our CEE solar portfolio is maturing. We have built a substantial pipeline of well-located, grid-secured assets across the region, and we are now seeing that pipeline translate into financed, operational capacity. The confidence that ING and UniCredit have shown in this portfolio reflects the quality of the underlying development and commercialisation work as well as the strength of the relationships we have built with our lending partners over many years.”
Oana Mogoi, Head of Energy at ING Bank Romania , added: “We are pleased to support R.Power in advancing its Romanian solar portfolio, a transaction that further reinforces ING’s commitment to accelerating the energy transition and achieving our net-zero ambitions. Romania is increasingly attractive for renewable energy investments, supported by strong long-term fundamentals and a growing pipeline of bankable projects. ING continues to finance projects that contribute directly to Romanian’s future, through competitive solutions and a positive and sustainable impact on the long run, supporting leading experienced sponsors such as R.Power and well-grounded structured energy projects.”
Daniel Sava, Advisory & Financing Solutions Director, at Unicredit Bank S.A. (Romania), commented: “UniCredit is pleased to support R.Power in financing this photovoltaic portfolio in Romania, further strengthening our partnership across geographies. This transaction highlights our ability to deliver cross-border structured energy solutions and our continued commitment to advancing high-quality renewable projects and the energy transition in Romania.”
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