Early Warning System

Countries

Romania

Geographic location where the impacts of the investment may be experienced.

Specific Location

Dobrun

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

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

Jan 14, 2026

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

AJ Renewables Dobrun SRL

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 Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 41.73 million

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.
Currency conversion note:
Bank reported 36
Converted using 2025-11-12 exchange rate.

Project Cost (USD)

$ 135.63 million

Bank Documents

PSD translation (Romanian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 10, 2025

Disclosed by Bank Nov 12, 2025

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Can you contribute information about this project?
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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.

According to the Bank’s website, the project consists of the provision of a construction bridge loan to AJ Renewables Dobrun SRL, a special purpose vehicle incorporated in Romania, under an A/B loan structure, consisting of an A loan of up to EUR 36 million for EBRD's own account and a B loan of up to EUR 36 million for the account of Raiffeisen Bank International ("RBI").

The Proceeds of the loan will be dedicated for the construction, and operation of a solar PV power plant with total capacity of 174.5MW in southern Romania. The Project will contribute to climate mitigation by adding 174.5MW 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.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Material physical climate risks were identified for the project and were addressed through the project design considerations. The project does not contravene national policies for adaptation or the climate resilience of the wider system. It is, therefore, aligned with the adaptation goals of the Paris Agreement.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Provision of a construction bridge loan, under an A/B loan structure, consisting of an A loan of up to EUR 36 million for EBRD's own account and a B loan of up to EUR 36 million for the account of Raiffeisen Bank International ("RBI").

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.

AJ Renewables Dobrun SRL is a special purpose vehicle, owned by UAB INVL Renewables and established for the sole purpose of developing, constructing, and operating a solar PV power plan with total capacity of 174.5MW, in the Olt County in Romania. UAB INVL Renewables is a Lithuanian renewable development company directly owned by INVL Renewable Energy Fund I and managed by UAB INVL Asset Management, a Lithuanian investment management company.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	AJ Renewables Dobrun SRL	Client	-

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.

Liudas Liutkevicius, Managing Fund Partner
liudas.liutkevicius@invl.com
+370 612 40913
Gyneju str. 14, 01109, Vilnius, Lithuania

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