Israel's Nofar gets loan for 315 MW of solar projects in Romania

Israeli renewables company Nofar Energy (TLV:NOFR) has obtained EUR 110 million (USD 122.3m) in bank financing to build and operate two solar farms in Romania.

The European Bank for Reconstruction and Development (EBRD) said today that it is providing a EUR-55-million loan to finance the projects, with Raiffeisen Bank International extending the same amount, but split in tranches of EUR 25 million and EUR 30 million.

The EBRD loan will be partially covered by a first loss guarantee provided by the European Union under the InvestEU programme, the bank said.

The financing package will enable Nofar Energy to build the 169-MW Iepuresti and the 146-MW Ghimpati solar farms in Giurgiu County, southern Romania.

These plants are expected to generate around 386 GWh of electricity annually, which Nofar Energy will sell on the local market. They will also contribute to Romania’s ambition to add 11.9 GW of new renewable energy capacity by 2030, said Grzegorz Zielinski, EBRD Head of Energy Europe.

(EUR 1.0 = USD 1.112)

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