Rezolv Energy, a Prague-based renewable energy developer, has secured €561 million in project financing to build what will become the European Union’s largest on-shore solar installation once operational. The Dama Solar project, a 1.3 GWp facility located in Arad County, Romania, represents a significant milestone in the region’s renewable energy transition.
The financing package was assembled by a consortium of 14 financial institutions, demonstrating substantial institutional confidence in the project’s viability. The European Investment Bank (EIB) anchored the deal as lead investor, with support from an InvestEU guarantee that helped de-risk the investment for participating lenders. The consortium includes major European banking groups: Erste Group Bank, UniCredit Bank, Société Générale, OTP Bank, ČSOB, and Raiffeisen Bank. International development finance institutions also participated, including the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Black Sea Trade and Development Bank (BSTDB).
Record-Breaking Capacity
The Dama Solar installation’s capacity of 1.3 gigawatts positions it as a transformative energy infrastructure project for Romania and the wider EU. Once completed and operational, the facility will contribute meaningfully to Europe’s renewable energy generation capacity and support the continent’s broader decarbonization objectives. The project aligns with the EU’s commitment to substantially increase solar power deployment as part of its energy independence and climate goals.
Complex Financing Structure
The scale of financing required underscores the capital-intensive nature of utility-scale renewable energy development. By bringing together development banks, commercial lenders, and guarantee mechanisms, Rezolv Energy has constructed a financing vehicle capable of supporting a project of this magnitude. The participation of both Eastern and Western European financial institutions reflects the strategic importance of renewable energy development across the continent.
The funds will be deployed specifically toward the construction and long-term operation of the solar facility, which is expected to generate substantial renewable electricity for distribution across Romania and potentially into wider European energy markets.
European Renewable Energy Context
This transaction reflects accelerating momentum in European renewable energy financing, particularly as nations move to reduce fossil fuel dependence. Solar projects of utility scale have become increasingly central to achieving national renewable energy targets and supporting grid stability. Romania, which possesses significant solar resources, has emerged as an attractive destination for major renewable energy investments. The successful financing of Dama Solar demonstrates how European financial institutions and development banks are mobilizing capital to support the transition toward clean energy infrastructure, leveraging both public backing through development banks and private sector participation through commercial lenders.