Rezolv Energy signs up to €367 million of debt for Dunarea East wind farm
Six lenders back the 292.5 MW Romanian project, with the EBRD lending up to €31.9 million and a contract for difference covering 211 MW.
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Rezolv Energy, the renewable energy producer backed by Actis and Mubadala, has signed project financing of up to €367 million for its 292.5 MW Dunarea East wind farm in Constanța County, southeastern Romania, the company said on 6 November.
Six lenders provide the debt, with support from the Export and Investment Fund of Denmark (EIFO): Société Générale, Erste Group Bank, Raiffeisen Bank International with Raiffeisen Bank S.A., Mizuho Bank Europe, Raiffeisenlandesbank Niederösterreich-Wien and the European Bank for Reconstruction and Development. JPMorgan acted as debt structuring adviser and CMS as legal counsel to Rezolv, while White & Case advised the lenders.
The EBRD's share is a senior loan of up to €31.9 million to Midmar Callatis, the wholly owned project company, the development bank said. Its loan carries a €7.6 million first-loss guarantee from the European Union under the InvestEU programme. The bank said the wind farm would generate 673 GWh of electricity a year, equal to the annual needs of around 600,000 people, and would account for around 4 per cent of Romania's 2030 onshore wind capacity target.
A contract for difference and a retail buyer
Two contracts support the revenue. A contract for difference awarded in Romania's second auction in 2025 covers 211 MW of the 292.5 MW. A corporate power purchase agreement with the food retailer Ahold Delhaize gives long-term revenue visibility for a substantial proportion of the output, Rezolv said.
That agreement, announced a day earlier, is a 10-year virtual deal covering 370 GWh of electricity a year from Dunarea East and Rezolv's Dama Solar project combined, about 14 per cent of their expected joint output. Ahold Delhaize will receive Guarantees of Origin for 10 years from 2029, when the two projects are due to enter commercial operation. Rezolv said it was its eighth virtual power purchase agreement in Romania and Bulgaria, and its first with a company from the retail sector.
"Dunarea East pairs a Contract for Difference with a long-term corporate PPA. We believe lenders value that combination of offtake, and this latest financing package shows that," said Jaroslava Korpanec, head of Central and Eastern Europe infrastructure at Actis.
Rezolv's fourth Romanian project financing
Dunarea East is Rezolv's fourth large project financing in Romania, after up to €291 million for the first phase of the VIFOR wind farm, up to €331 million for its second phase and up to €561 million for Dama Solar. Together the four come to up to €1.55 billion of senior debt, and several lenders in the new consortium took part in the earlier deals, the company said.
The 461 MW VIFOR wind farm in Buzău County was Rezolv's first. Its 192 MW first phase entered commercial operation in October 2026, and the 269 MW second phase is under construction for 2027. Once Dunarea East is operating in early 2029, Rezolv's installed wind capacity in Romania will exceed 760 MW, the company said. Chief executive Alastair Hammond said the financing allowed it to "move straight into construction at Dunarea East".
The EBRD and Rezolv are also setting up a skills programme in Constanța County, funded by an InvestEU technical cooperation grant, to give accredited wind energy training to at least 100 people by 2030, with women expected to make up at least 30 per cent of trainees. The bank said it had invested over €700 million in more than 15 energy projects in Romania since 2024, supporting over 4.5 GW of renewable capacity, and more than €12.9 billion across 609 projects in the country since 1991. Its renewables lending elsewhere this autumn includes a loan to Scatec's Dandara solar and storage plant in Egypt.