Muntenia Solar (EBRD-56096)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Romania
Geographic location where the impacts of the investment may be experienced.
Specific Location
Muntenia region in south-eastern Romania
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 10, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
OY Nofar Energy Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 6, 2025

Disclosed by Bank Aug 6, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of a senior loan of up to EUR 68m in favour of Corbii Mari Solar Plant SRL ("Corbii Mari Project"), Aviv Renewable Investment SRL ("Iepuresti II Project") and Slobozia Solar Plant SRL ("Slobozia Project"), each a limited liability company incorporated in Romania. The loan will be used to finance the construction, and operation of three solar farms with a combined capacity of 515 MW in the Muntenia region in south-eastern Romania. The Project comprises of three separate sites and is expected to generate around 676 GWh of electricity annually. Part of the EBRD loan is expected to be approved under the EBRD InvestEU Framework for Sustainable Transition (OpID 54197).

The Project will contribute to climate change mitigation and the Romanian green energy transition by adding 515 MW of solar generation capacity to the Romanian national energy system. In addition, the Project will strengthen the private sector presence in the renewable energy sector in Romania.

The project is expected to benefit partially from a first loss guarantee provided by the European Union under the InvestEU Programme, specifically under the EBRD General Debt Product and the Sustainable Infrastructure Window.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Corbii Mari Solar Plant SRL, Aviv Renewable Investment SRL and Slobozia Solar Plant SRL are limited liability companies incorporated in Romania for the purpose of developing and operating three solar power plants with a total installed capacity of 515 MW. The Projects are ultimately owned by OY Nofar Energy Ltd, an Israeli renewable energy company publicly listed on the Tel Aviv stock exchange.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - OY Nofar Energy Ltd Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - OY Nofar Energy Ltd:

Andreea Gilicel
Email: andreea@nofar-energy.com
Address: Nofar Energy SRL Voluntari City, Ilfov, 1 Pipera Blvd, Romania

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works