Actis-backed Rezolv Energy has secured up to $636.3m (€561m) in project financing to advance its 1.3GW-peak (GWp) Dama Solar project in Arad County, western Romania, into the construction phase.
The funding was organised through West Power Investments, a Rezolv Energy subsidiary, and supported by a consortium of 14 lenders.
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The financing involved ten commercial banks, namely Erste Group Bank, UniCredit Bank, Banca Comercială Intesa Sanpaolo Romania, Raiffeisen Bank and Société Générale, as well as OTP Bank, Raiffeisenlandesbank Niederösterreich-Wien, Piraeus Bank, Československá obchodní banka and Siemens Bank.
Additionally, three development finance institutions participated: the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank.
The package also includes an anchor investment from the European Investment Bank, benefitting from an Invest EU guarantee.
Rezolv CEO Alastair Hammond 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.”
Once operational, Dama Solar is expected to become the EU’s largest onshore renewable energy project.
Dama Solar is scheduled to enter commercial operations in the second half of 2028 (H2 2028).
The solar park is designed to generate approximately 1.8TW-hours of renewable electricity per year, representing around 36% of Romania’s projected total solar electricity generation in 2025.
The site will extend over 1,000 hectares (ha) and plans include an 82ha nature reserve within the project area.
Construction is set to begin shortly, with engineering, procurement and construction partners yet to be announced.
The project’s commercial framework is underpinned by two contracts for difference, awarded in the country’s second auction and covering 520MW of capacity, alongside a corporate power purchase agreement.
The project is expected to create up to 1,500 jobs during the building phase.
Dama Solar forms part of Rezolv’s broader 2.8GW project portfolio in Romania and Bulgaria. It has been developed in line with IFC Performance Standards, EBRD Performance Requirements and the Equator Principles.
In May 2026, Rezolv commissioned the 225MW St. George solar park in Silistra, Bulgaria. The facility became fully operational in under three years after Rezolv acquired the development rights.
