Actis and Mubadala-backed Rezolv signs €561 million, 14-lender loan for Dama Solar
The green project financing for the 1.3 GWp plant mixes ten commercial banks with the EIB, EBRD, IFC and BSTDB, backed by two contracts for difference.
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Rezolv Energy, the renewable energy company backed by Actis and Mubadala, has signed a project financing package of up to €561 million for Dama Solar, a 1.3 GWp solar plant in Arad County in western Romania, the company said on 30 September. The loans were signed through its project subsidiary, West Power Investments.
Fourteen lenders took part, according to Rezolv: ten commercial banks, the European Investment Bank as anchor investor with an InvestEU guarantee, and three other development finance institutions, the European Bank for Reconstruction and Development, the International Finance Corporation and the Black Sea Trade and Development Bank. The commercial banks are Erste Group Bank, UniCredit Bank, Banca Comercială Intesa Sanpaolo Romania, Société Générale, OTP Bank, ČSOB, Raiffeisen Bank, Raiffeisenlandesbank Niederösterreich-Wien, Piraeus Bank and Siemens Bank.
The EBRD's own share is a €21.1 million senior secured loan, the bank said on 1 October, describing the plant as the largest renewable energy installation it has financed and the largest solar park in Europe. Rezolv describes Dama Solar as the largest onshore renewable energy project in the European Union once operational.
What underpins the debt
The financing rests on two contracts for difference awarded to Dama Solar in Romania's second CfD auction, covering 520 MW of the project's capacity, plus a corporate power purchase agreement with what Rezolv calls a premium offtaker, which it did not name, according to the release. The release does not say how the rest of the 1.3 GWp peak capacity is contracted beyond the PPA.
The loan is structured as a green loan under the 2025 Green Loan Principles. Moody's Ratings provided a second-party opinion and assigned a Sustainability Quality Score of SQS1, the highest available, Rezolv said. JPMorgan was debt structuring adviser and CMS legal counsel to Rezolv; White and Case advised the lenders.
Rezolv expects the plant to generate about 1,800 GWh a year, which it puts at about 36 per cent of Romania's total solar generation in 2025, using Ember data showing 4.96 TWh of solar output that year. The site covers more than 1,000 hectares, construction is expected to peak at about 1,500 workers, and commercial operation is expected in the second half of 2028, the company said. The EPC contractors have not yet been confirmed.
The sponsor's financing record
Dama is Rezolv's largest financing so far, by size and number of lenders. It surpasses the €291 million raised for phase 1 of the VIFOR wind farm, €331 million for phase 2 and €90 million for the St. George solar park in Bulgaria, according to the company. Rezolv says its portfolio in Romania and Bulgaria totals 2.8 GW: the 225 MW St. George park was commissioned in May 2026, the first phase of the 461 MW VIFOR wind farm was due to be energised on 1 October, and the 600 MW Dunarea East and West wind farms in Constanța County are in late-stage development.
The EBRD has supported Rezolv since 2024, including the expansion of VIFOR in Buzău County to 461 MW, and said Dama will be its first nature-positive renewable energy financing. It is also co-funding a skills programme, with InvestEU advisory support and the client's own money, that aims to train at least 300 local people, according to the bank.
"Securing financing of this scale from 14 lenders is a major achievement and will allow us to move directly into construction," Alastair Hammond, Rezolv's chief executive, said in the release. Jaroslava Korpanec, head of central and eastern European infrastructure at Actis, said the package reflected "the depth of investor confidence in Romania's renewable energy sector and in Rezolv Energy in particular."
What is not disclosed
Neither release gives the tenor, margin, the split between tranches or the size of each lender's ticket other than the EBRD's. Nor do they set out the equity contribution from Actis and Mubadala or the CfD strike prices. The EBRD put its cumulative investment in Romania at more than €12.9 billion across 607 projects.