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Nofar Energy has obtained EUR 110 million (US$122.5 million) in financing from the European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International to build two solar projects in southeastern Romania.
The funds come from the EBRD and Vienna-based Raiffeisen Bank International. EBRD is providing a loan of EUR 55 million (US$ 60.7 million), matched by Raiffeisen Bank across two tranches of EUR 25 million (US$ 27.6 million) and EUR 30 million (US$ 33 million). The Iepuresti and Ghimpati solar projects will have a total capacity of around 300 MW. Together, they are expected to generate 386 GWh of renewable electricity per year. The electricity will be sold on the local market.
