Rezolv secures €367m for Romanian wind farm

Rezolv Energy has signed financing of up to €367 million for the 292.5MW Dunarea East wind farm in Constanța County, southeastern Romania. The agreement, confirmed on 6 November, brings the project closer to construction, with commercial operation targeted for early 2029. Financing is being provided by six banking groups with backing from the Export and Investment Fund of Denmark (EIFO). The development combines a contracted electricity sales structure with project debt, while the physical work of building and connecting the turbines remains ahead.

The consortium comprises Société Générale, Erste Group Bank, Raiffeisen Bank International together with Raiffeisen Bank S.A., Mizuho Bank Europe, Raiffeisenlandesbank Niederösterreich-Wien, and the European Bank for Reconstruction and Development (EBRD). Rezolv is backed by Actis and Mubadala, and the financing is its fourth substantial project-debt agreement in Romania. EIFO’s participation supports the package through Denmark’s export credit arrangements. The company places the combined value of its four Romanian financings at up to €1.55 billion, reflecting the capital committed to projects at different stages of construction and operation.

The EBRD’s contribution is a senior loan of up to €31.9 million to Midmar Callatis, Rezolv’s project subsidiary. That lending benefits from a €7.6 million first-loss guarantee provided by the European Union through InvestEU. Such a guarantee absorbs a defined portion of potential losses on the supported financing, reducing part of the risk carried by the lender. It does not remove construction, market or operational risk from the project as a whole, nor does it mean the EU is directly building or operating the turbines.

Two revenue arrangements underpin the Dunarea East investment. The wind farm secured a contract for difference covering 211MW of its planned 292.5MW capacity in Romania’s second renewable energy auction in 2025. It also has a long-term corporate power purchase agreement with Ahold Delhaize, announced before this financing agreement. The contracts cover different commercial arrangements and are intended to provide revenue visibility as lenders assess the cost of debt and the risks associated with developing the site.

Under a contract for difference, eligible electricity output is settled against an agreed reference price under the applicable scheme rules, helping stabilise revenue when market prices fluctuate. A virtual corporate power purchase agreement provides another contractual basis for revenue without requiring a dedicated physical wire between the generator and the customer’s buildings. These instruments can improve the predictability of income available for debt service, although the wind farm will still be subject to wind variability, operational availability, market settlement rules, and the capacity of its export connection.

The planned wind farm is expected to produce approximately 673GWh of electricity in an average year, according to the EBRD, which equates the output to the annual needs of around 600,000 people. The output figure is an estimate for future operation rather than a metered performance result. Dividing the forecast energy by 292.5MW of installed capacity gives an indicative annual utilisation of roughly 26%, though actual generation will depend on wind conditions, equipment availability and any network or market restrictions. Installed megawatts describe the project’s maximum rated generating power, not the quantity delivered over a year.

Rezolv has already financed other major developments in Romania. These comprise up to €291 million for the first phase of the VIFOR wind farm, a further €331 million for its second phase and up to €561 million for Dama Solar. Including Dunarea East, the four financing packages total up to €1.55 billion. VIFOR’s first 192MW entered commercial operation in October 2026, with another 269MW under construction and targeted for 2027. Dama Solar remains a separate scheme and should not be counted towards Dunarea East’s 292.5MW design capacity.

Rezolv plans to move into construction following the financing close. Turbine foundations, access roads, collection circuits, substation equipment, and export infrastructure will all need to be installed before the wind farm can be energised. Protection settings and power quality must then be tested against network requirements, with turbine control and monitoring integrated into the plant’s supervisory systems. The company has not named the turbine manufacturer in its financing announcement or published a detailed sequence of works. Chief executive Alastair Hammond has identified the financing as the step that allows construction to proceed towards the early-2029 target.

Beyond the plant, the EBRD and Rezolv are developing a training programme with local education providers in Constanța County. The programme aims to offer accredited wind energy training to at least 100 people by 2030, with women accounting for at least 30% of trainees. This runs alongside, rather than substitutes for, the specialist design, installation and electrical commissioning work needed before first generation. The project is expected to contribute around 4% of Romania’s 2030 onshore wind capacity target, according to the bank.

Attention now turns to the delivery programme in Constanța County. The financing and offtake agreements provide a commercial structure for 292.5MW of planned generation, while the plant’s output will depend on completion of the foundations, turbine installation, electrical connections, and grid compliance tests. Rezolv’s operating VIFOR first phase demonstrates that another project in its Romanian portfolio has reached commercial service, but Dunarea East has its own construction and commissioning timetable. The next measurable milestones will be physical site progress and energisation of the new network infrastructure.