Rezolv will now take the 1.3 GW plant in Arad county, western Romania, straight into construction. It has yet to name its EPC contractors, but expects the build to employ around 1,500 people at its peak, with commercial operation planned for the second half of 2028.
Spread over more than 1,000 hectares, the site will also make room for an 82-hectare nature reserve, where sheep will graze lower-quality farmland as it returns to steppe grassland. Rezolv, backed by Actis and Mubadala, says Dama Solar will be the largest onshore renewable energy project in the EU once operational, and the EIB expects it to cover the annual electricity needs of more than 280,000 households. The 36 percent figure is based on on Ember data, which put Romania's solar generation at 4.96 TWh in 2025. Vice-President of the EIB. “Dama Solar will add a major new source of renewable electricity to Romania's energy system while bringing investment and jobs to the region.”
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Dama Solar is the largest project in Rezolv's 2.8 GW portfolio in Romania and Bulgaria. The company commissioned the 225 MW St. George solar park in Bulgaria in May and energised the first phase of its 461 MW VIFOR wind farm in Romania on 1 October. “Europe needs more clean energy, and it needs it at scale,” said Ioannis Tsakiris,
Revenue locked in for 520 MW
Two 15-year contracts for difference, awarded in Romania's second CfD auction, cover 520 MW of the plant's capacity. Rezolv has also signed a corporate power purchase agreement with an unnamed offtaker and plans to sell the remaining output into the market and to commercial and industrial customers under long-term contracts. Ten commercial banks, including Erste Group Bank, UniCredit, Société Générale, OTP Bank, Raiffeisen Bank and Siemens Bank, joined the European Investment Bank in the consortium, alongside the EBRD, the International Finance Corporation (IFC) and the Black Sea Trade and Development Bank. The EIB is contributing €100 million under an InvestEU guarantee and puts total investment in the project at €728 million.
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Rezolv signed the package through its project subsidiary West Power Investments. The financing is structured as a green loan, and Moody's Ratings has given it a Sustainability Quality Score of SQS1, the agency's highest. It is Rezolv's largest deal to date, both by size and by number of lenders. “Securing financing of this scale from 14 lenders is a major achievement and will allow us to move directly into construction,” said Alastair Hammond, CEO of Rezolv Energy. (TF)
