Rezolv secures up to €367m for 292.5MW Romanian wind farm
Six lenders, backed by Denmark's export fund, will finance Dunarea East in Constanța County, the fourth major Romanian debt package for the Actis and Mubadala-backed developer.
Rezolv Energy has secured up to €367 million in project financing for its 292.5MW Dunarea East wind farm in Constanța County, southeastern Romania.
The developer, which is backed by Actis and Mubadala, said the debt is supported by the Export and Investment Fund of Denmark (EIFO) and provided by a consortium of six lenders. The European Bank for Reconstruction and Development (EBRD) is part of that group, and Rezolv said its participation is supported by an InvestEU guarantee.
The other lenders are Société Générale, Erste Group Bank, Raiffeisen Bank International with Raiffeisen Bank S.A., Mizuho Bank Europe and Raiffeisenlandesbank Niederösterreich-Wien.
Revenue support
Dunarea East is underpinned by a Contract for Difference (CfD) awarded in Romania's second CfD auction in 2025. The contract covers 211MW of the project's 292.5MW capacity.
A corporate power purchase agreement (PPA) with international food retailer Ahold Delhaize gives additional long-term revenue visibility for a substantial proportion of the output.
Jaroslava Korpanec, head of Central and Eastern Europe infrastructure at Actis, said the combination of a CfD and a long-term corporate PPA helped support the financing. "We believe lenders value that combination of offtake," she said, adding that the package reflects this.
Fourth Romanian financing
The deal is Rezolv's fourth major project financing in Romania. It brings the company's total senior debt financing for renewable energy infrastructure in the country to up to €1.55 billion.
The earlier transactions comprised:
- up to €291 million for the first phase of the VIFOR wind farm;
- up to €331 million for VIFOR Phase 2;
- up to €561 million for Dama Solar.
Several institutions involved in the Dunarea East financing also took part in those earlier deals, Rezolv said.
Construction and timeline
Dunarea East is Rezolv's second major wind development in Romania, after the 461MW VIFOR project in Buzău County. VIFOR Phase 1, at 192MW, entered commercial operation in October 2026. The 269MW Phase 2 is under construction and is scheduled to come online in 2027.
Dunarea East is expected to become operational in early 2029. That would take Rezolv's installed wind capacity in Romania to more than 760MW.
Rezolv chief executive Alastair Hammond said the financing lets the company move straight into construction at Dunarea East, building on progress at VIFOR.
