Actis-backed Rezolv Energy, through its project subsidiary West Power Investments, has signed an up to €561 million project financing package for Dama Solar, a 1.3GWp solar project in Arad County, western Romania. Dama Solar will become the largest onshore renewable energy project in the European Union once operational.
The financing, underpinned by an anchor investment by the European Investment Bank (EIB) benefitting from an Invest EU guarantee, has been provided by a consortium of 14 lenders, comprising 10 commercial banks – Erste Group Bank, UniCredit Bank, Banca Comercială Intesa Sanpaolo Romania, Société Générale, OTP Bank, Československá obchodní banka (ČSOB), Raiffeisen Bank S.A., Raiffeisenlandesbank Niederösterreich-Wien, Piraeus Bank and Siemens Bank – as well as three additional Development Finance Institutions (DFIs): European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and Black Sea Trade and Development Bank (BSTDB).
The financing is underpinned by two CfDs awarded to Dama Solar in Romania’s second CfD auction covering 520MW of the project’s capacity, as well as an additional corporate Power Purchase Agreement (PPA) with a premium offtaker.
The Dama Solar financing is the largest financing transaction signed by Rezolv Energy to-date, both in terms of the size of the financing package and the number of lenders involved. It surpasses the €291 million secured for Phase 1 of the VIFOR wind farm, the €331 million secured for Phase 2 of the project, and the €90 million secured for the St. George solar park in Bulgaria.
About Dama Solar
Dama Solar is a landmark project. The solar park will cover more than 1,000 hectares and will generate around 1,800 GWh of clean power annually – equivalent to around 36% of Romania’s total solar electricity generation in 2025[1].
The project will move directly into the construction phase, with the engineering, procurement and construction (EPC) partners to be confirmed shortly. The project will create significant employment opportunities, particularly during the construction phase, with current plans envisaging a peak workforce of around 1,500 people.
Dama Solar is expected to enter commercial operations in H2 2028.
The project has been developed in line with the IFC Performance Standards, EBRD Performance Requirements and Equator Principles, with biodiversity and social considerations integrated into the project’s development and governance. The project will also incorporate an 82-hectare nature reserve, one of the largest private-led nature restoration projects linked to a solar park in Southeastern Europe.
Financing structured as a green loan
The financing for Dama Solar has been structured as a green loan under the 2025 Green Loan Principles, an internationally recognised framework. Green loans are designed to ensure that financing is used for projects with clear environmental benefits that meet the highest sustainability standards.
Moody’s Ratings provided an independent Second Party Opinion assessing the sustainability credentials of the loan terms and their alignment with the Green Loan Principles, and assigned a Sustainability Quality Score of SQS1 (Excellent) – the highest score possible.
Alastair Hammond, CEO, Rezolv Energy, said: “Securing financing of this scale from 14 lenders is a major achievement and will allow us to move directly into construction. We are grateful to our financing partners for their continued confidence in Rezolv Energy and in this iconic project. It will make an important contribution to Romania’s energy transition and its long-term energy security.”
Jaroslava Korpanec, Head of Central and Eastern Europe, Infrastructure at Actis, said: “We believe this financing package, backed by 14 lenders, reflects the depth of investor confidence in Romania’s renewable energy sector and in Rezolv Energy in particular. Dama Solar will become the EU’s largest onshore renewable energy project, financed under a green loan structure that has earned Moody’s highest possible sustainability rating. It reflects both the ambitions and capabilities of the Actis and Rezolv teams.”
Dama Solar forms part of Rezolv Energy’s 2.8GW portfolio of large-scale renewable energy projects in Romania and Bulgaria. In May 2026, Rezolv commissioned the 225MW St. George solar park in Bulgaria, while the first phase of its 461MW VIFOR Wind Farm will be energised on 1 October 2026. Rezolv Energy’s fourth project is the 600MW Dunarea East & West Wind Farms in Constanța County, which is in late-stage development.
