Rezolv Energy, backed by Actis and Mubadala, has secured up to €367m ($408.8m) in project financing for its 292.5MW Dunarea East wind farm in Constanța County, southeastern Romania.
The funding is provided by a consortium of six lenders, including Société Générale, Erste Group Bank, Raiffeisen Bank International, Raiffeisen Bank, Mizuho Bank Europe, Raiffeisenlandesbank Niederösterreich-Wien, and the European Bank for Reconstruction and Development (EBRD).
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The financing package is supported by the Export and Investment Fund of Denmark (EIFO), with the EBRD’s participation backed by a guarantee from the InvestEU programme.
Dunarea East wind facility is anticipated to produce around 673GWh of renewable electricity annually. This output is estimated to meet the annual electricity needs of approximately 600,000 people.
The wind farm is scheduled to be operational in early 2029.
The project forms part of Romania’s efforts to increase its share of renewable energy, contributing about 4% of the country’s 2030 onshore wind target.
The project’s revenue will be supported by a contract for difference (CfD) awarded during Romania’s second CfD auction in 2025, which covers 211MW of capacity.
In addition, a recently signed power purchase agreement (PPA) with international food retailer Ahold Delhaize will secure long-term income for a substantial share of the wind farm’s output.
Rezolv Energy CEO Alastair Hammond said: “Rezolv Energy’s track record in securing major financing packages like this is central to the contribution we are making to Romania’s energy transition.
“This financing allows us to move straight into construction at Dunarea East, building on our progress at VIFOR and reinforcing our position in the vanguard of a new era for wind power in Romania.”
The EBRD is supplying a senior loan of up to €31.9m to Midmar Callatis, Rezolv Energy’s project subsidiary, for construction and operation of the wind farm. This loan forms part of the broader €367m financing arrangement.
A first-loss guarantee of €7.6m from the European Union, provided via InvestEU, will support the EBRD’s involvement and aims to mobilise further private investment in renewable energy.
Dunarea East marks Rezolv Energy’s second large wind farm project in Romania, after the 461MW VIFOR Wind Farm in Buzău County.
The first phase of VIFOR, generating 192MW, began operations in October 2026, while the second phase, with a capacity of 269MW, is currently being built and is expected to be completed in 2027.
The company’s total senior debt financing in Romania, including earlier projects, now totals €1.55bn.
