The European Bank for Reconstruction and Development (EBRD) has signed a memorandum of understanding (MoU) with Romania to support the advancement of renewable energy projects in the country.
Signed by Romania’s Energy Minister Sebastian Burduja and EBRD Romania head Victoria Zinchuk, the MoU will support the design and implementation of the next round of renewable energy auctions.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Burduja stated: “This partnership will facilitate the creation of a modern energy system, capable of meeting Romania’s energy needs and fostering investments in renewable sources, including through the initiation of a new round of auctions for capacities totalling 3,500MW.
“It represents a decisive step toward ensuring the energy stability and resilience that are more crucial than ever.”
In a significant move towards renewable energy, Romania inaugurated its first auction for 1.5GW of renewable capacities in September 2024 with EBRD support.
This included 500MW of solar photovoltaic and 1GW of onshore wind, coupled with a contract for difference framework to foster the construction of renewable installations.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe second round of renewable auctions will be supported by the latest MoU and implemented by the end of 2025.
Plans include the development of support schemes for storage capacities, competitive storage tenders and regulatory reforms to integrate storage solutions into various energy markets.
Investments in renewable energy are pivotal for Romania to meet the climate targets set out in its National Energy and Climate Plan, which aims for 38.3% renewable energy in gross final consumption by 2030.
This ambitious draft energy strategy targets 44% of energy consumption from low-carbon sources by 2035.
The EBRD has been a staunch supporter of Romania’s transition to cleaner energy. Since the start of 2024, the bank has financed 1GW of renewable capacity across six projects, with investments exceeding €180m ($189m), leveraging close to €1bn ($1.05bn) from private and public sources.
Up to the end of 2024, the EBRD has invested almost €11.5bn ($12.1bn) in 550 projects within Romania.
Its Renewable Energy Programme plays a strategic role in the energy sector, aiding countries in scaling up renewable energy through policy support and competitive auctions that attract private investment.
Zinchuk stated: “We are looking forward to supporting further the Ministry of Energy and contributing to scaling up private sector investments in the sector.”
The EBRD’s programme is aiding 16 countries at various stages of electricity market development, supporting 15 auctions.
The auctions have resulted in the award of 5GW of capacity in seven countries, with five projects totalling 690MW reaching financial close.
In August 2024, Enefit Green obtained a €100m loan from the EBRD to support the development of the Sopi-Tootsi wind farm in Estonia.
