Rezolv Secures €561 Million for 1.3 GWp Dama Solar

Rezolv Energy has secured up to €561 million in project financing for Dama Solar, a 1.3 GWp solar development in Arad County, Romania, through its subsidiary West Power Investments. The package is backed by 14 lenders, including commercial banks and development finance institutions, and will allow the project to move directly into construction. Once operational, Dama Solar is expected to become the largest onshore renewable energy project in the European Union and generate around 1,800 GWh of renewable electricity each year.

 

The Financing Structure Reduces Revenue Risk

 

The financing is underpinned by two Contracts for Difference awarded through Romania’s second CfD auction, covering 520 MW of the project’s capacity, as well as an additional corporate power purchase agreement with a premium offtaker. Those long-term revenue arrangements give lenders greater visibility over future cash flows and help reduce one of the main risks associated with financing very large renewable projects.

The European Investment Bank is providing an anchor investment supported by an InvestEU guarantee, alongside EBRD, IFC and the Black Sea Trade and Development Bank. Ten commercial banks are also participating, making the deal the largest financing transaction Rezolv has signed to date both by value and number of lenders.

 

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Dama Solar Will Add Significant Generation to Romania

 

The project is expected to produce around 1,800 GWh of electricity annually. Rezolv estimates that this would be equivalent to roughly 36% of Romania’s total solar generation in 2025, based on national output of 4.96 TWh.

That scale makes Dama Solar more than a single utility project. It will add a material amount of new renewable generation to Romania’s power system and forms part of Rezolv’s wider 2.8 GW portfolio across Romania and Bulgaria.

 

The Green Loan Structure Adds Another Layer to the Deal

 

The financing has been structured as a green loan under the 2025 Green Loan Principles. Moody’s provided a second-party opinion and awarded the loan an SQS1 Sustainability Quality Score, its highest possible rating.

That assessment reflects the project’s environmental profile and the way the financing has been structured. Rezolv also says Dama Solar has been developed in line with IFC Performance Standards, EBRD Performance Requirements and the Equator Principles.

 

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Biodiversity Measures Are Built Into the Development

 

The solar park will cover more than 1,000 hectares and will include an 82-hectare nature reserve. Rezolv says this will be one of the largest privately led nature-restoration projects linked to a solar development in Southeastern Europe.

The project is also expected to create substantial construction employment, with current plans calling for a peak workforce of around 1,500 people. Commercial operations are targeted for the second half of 2028.

 

Construction Will Be the Next Test

 

Dama Solar will now move into construction, with EPC partners still to be confirmed. The key test will be whether Rezolv can deliver the project on schedule while coordinating a large lender group, construction programme and multiple revenue arrangements.

If the project reaches operation as planned, it would strengthen Rezolv’s position in Central and Eastern Europe and provide a major example of how blended finance, CfDs, PPAs and green loan structures can be combined to support utility-scale renewable infrastructure.

 

Source: Rezolv Energy