Rezolv Energy, through its project subsidiary West Power Investments, has signed an up to 561 million euros project financing package for Dama Solar, a 1.3GWp solar project in Arad County, western Romania. Dama Solar will become the largest onshore renewable energy project in the European Union once operational.

The financing is underpinned by two Contracts for Difference (CfDs) awarded to Dama Solar in Romania’s second CfD auction covering 520MW of the project’s capacity, as well as an additional corporate Power Purchase Agreement (PPA) with a premium offtaker.

The Dama Solar financing is the largest financing transaction signed by Rezolv Energy to-date, both in terms of the size of the financing package and the number of lenders involved.

It surpasses the 291 million euros secured for Phase 1 of the VIFOR wind farm, the 331 million euros secured for Phase 2 of the project, and the 90 million euros secured for the St. George solar park in Bulgaria.

Dama Solar is a landmark project. The solar park will cover more than 1,000 hectares and will generate around 1,800 GWh of clean power annually – equivalent to around 36% of Romania’s total solar electricity generation in 2025.

The project will move directly into the construction phase, with the engineering, procurement and construction (EPC) partners to be confirmed shortly. The project will create significant employment opportunities, particularly during the construction phase, with current plans envisaging a peak workforce of around 1,500 people.

Dama Solar is expected to enter commercial operations in H2 2028.