As stated by the EBRD, the development, construction and operation of a 1,238.9 MWp DC solar farm located in Graniceri and Pilu, Romania in Arad County, West Romania. The Project is owned by West Power Investments S.R.L., an SPV incorporated in Romania and owned by Rezolv Energy S.A..

The Project will contribute to climate change mitigation and the Romanian green energy transition by increasing the share of renewable energy generation in the country and adding large scale solar PV generation capacity to the national energy system. In addition, the Project will also strengthen the private sector presence in the renewable energy sector in the country.

As stated by the EBRD, the project has been categorised A (ESP 2024) due to its large scale, its location within two Natura 2000 sites (ROSCI0231 and ROSPA0015) and the presence of critical habitat including Pannonic salt steppes. The proposed development of a 1.20i1.25 GW greenfield solar photovoltaic plant in western Romania may be associated with potentially significant environmental and social impacts and risks to biodiversity and therefore requires an Environmental and Social Impact Assessment (ESIA) in line with EBRD's Environmental and Social Policy (ESP) and 60 days disclosure prior to the Board consideration.

The project is developed in Arad County, across the communes of Griniceri and Pilu, at a site covering 1,064 ha, of previous agricultural use land, leased under long term agreement from a commercial entity. The project includes ground mounted PV arrays, inverter stations, internal MV network, access roads, a 110/400 kV transformer substation, and a 3.5i3.6 km underground 400 kV cable connecting to the national transmission system.

Environmental and social due diligence was undertaken by the independent Lenders' Environmental and Social Advisor in 2026 and comprised of a review of previously prepared ESIA (2023) with accompanying Critical Habitat Assessment and a Livelihood Restoration Plan, review of additional biodiversity surveys undertaken in 2024 and 2025, review of corporate and projects specific management plans, a site visit undertaken jointly with Lenders in January 2026 and interviews with key stakeholders.

The project has undergone a national permitting process between 2021 and 2023, inclusive of Strategic Environmental Assessment, Appropriate Assessment, and national EIA process concluding no significant impacts on the Natura 2000 sites and positive decision by the Arad Environmental Protection Agency. The project was subsequently challenged by a regional Civil Society Organisation (CSO) regarding its potential impacts on priority habitat and protected bird species. The developer engaged in constructive dialogue with CSOs, developed a comprehensive Biodiversity Action Plan (BAP) outlining offset and additional conservation actions, resulting in potential biodiversity net gains when implemented. The BAP was agreed and the legal challenge was withdrawn in 2024.

Following Lenders' ESDD, the ESIA package was updated to reflect the updated project design and other project preparatory activities, additional biodiversity surveys, and to align with EBRD 2024 ESP and corresponding ESR6 Guidance Note.

The environmental and social baseline reflects the project's partial overlap with two Natura 2000 sites: approximately 13 per cent of ROSCI0231 NidabiSocodoriViriad - Site of Community Importance and 2.6 per cent of ROSPA0015 Campia Criiului - Special Protection Area and Key Biodiversity Area (KBA) that is also an Important Bird and Biodiversity Area (IBA). The surveys confirmed that the site consists predominantly of modified habitat, with around 98 per cent being arable land altered by historical drainage. Patches of Annex I habitat, specifically Pannonic salt steppes and salt marshes, occur adjacent to and within the site. Surveys identified 137 species qualifying as Priority Biodiversity Features within the ecologically appropriate study area, including 110 bird species. The ESIA has confirmed the Appropriate Assessment conclusion that the project will not pose residual risks on the Critical Habitat, Pannonic salt steppes and salt marshes. Some residual impacts are predicted on bird species considered priority for being protected under Annex I of EU Birds Directive or listed as being of conservation concern (CR, EN or VU) on the IUCN Red List of Threatened Species or on the national red list.

As outlined in the Biodiversity Action Plan, the project incorporates a comprehensive package of biodiversity measures designed to avoid, minimise and compensate impacts while delivering measurable ecological gains. During design, the layout was refined to avoid sensitive areas, leading to their removal from development and designation as an 82hectare set aside area for habitat enhancement. The underground transmission line, although located in portions of critical habitat, will be fully buried, allowing the habitat to be reinstated and improved after construction and eliminating collision risk for birds. The project is expected to achieve significant net gains in habitat condition, amounting to 265.64 habitat hectares. These gains will be delivered through improved ecological management across more than 1,000 hectares of previously modified arable land within the solar park, including restoration of native vegetation and the introduction of a controlled grazing and mowing regime, with dual use for sheep grazing. Additional recovery measures in the set aside area include fencing, water management, preservation of existing drainage ditches, targeted planting of native species and restrictions on activities that could hinder habitat regeneration. To support no net loss objectives, a 7 meter internal buffer will be maintained around permanent infrastructure. The set of habitat conservation actions and additional soft conservation actions are also expected to benefit a range of Priority Biodiversity Feature species, including raptors such as Saker Falcon and Imperial Eagle, waterbirds, and small mammals such as the European Ground Squirrel leading to No Net Loss. All planned biodiversity measures are aligned with Natura 2000 management plans and will support the local authorities with their implementation.

The project is located outside inhabited areas and does not require any physical displacement. The underground cable will be installed beneath an existing agricultural road on public land, avoiding the need for private land acquisition, while the only permanent land takeiapproximately 3.3 hectares for the interconnection substationioccurs on unproductive commune land with no associated livelihood impacts. Social and economic impacts are therefore limited to temporary restrictions on access to pastureland and agricultural roads during cable installation, affecting two pastoral households. A Livelihood Restoration Plan (LRP) has been developed in line with ESR5 to address these temporary impacts, focusing on the grid connection componentsithe substation and the 3.6 km underground cable routeiand informed by detailed household level surveys capturing seasonal grazing patterns, mobility routes and income sources.

Stakeholder engagement has been carried out as part of the planning and environmental assessment process, including structured consultations during ESIA scoping and preparation. Targeted engagement was also undertaken for the specific aspects of the project (cultural heritage, biodiversity, livelihood restoration, etc.), including meetings with local authorities and interviews with directly affected stakeholders. A project Stakeholder Engagement Plan (SEP) aligned with ESR10 has been developed and is available for consultation. Additional targeted consultations and monitoring will be conducted with affected land users during the LRP disclosure phase and the LRP will be updated accordingly to ensure that ongoing stakeholder input and any agreed compensation and mitigation measures including alternative access routes and scheduling arrangements are fully reflected and implemented in line with ESR5. The project is expected to create temporary employment during construction (with a peak workforce estimated at several hundred workers) and a smaller number of long-term jobs during operation, prioritising job opportunities for those looking for employment in the local area.

To manage construction stage temporary impacts, the Construction Environmental and Social Management Plan (CESMP) was developed for the project to cover the construction phase and include required mitigation measures and monitoring requirements. A similar ESMP will be developed for the post-construction period and the operational phase. A worker grievance mechanism covering contractors will be put in place. Additionally, the Borrower will implement an Influx Management Plan and Gender-Based Violence and Harassment (GBVH) requirements and a code of conduct to address potential GBVH and community health and safety risks. The Borrower is committed to cascading all mitigation measures from the ESMP, ESAP and topic-specific management plans across all relevant Construction and Operational Environmental Management.

The ESIA package comprising: ESIA (2023), Supplementary Information Package (2026), Critical Habitat Assessment, Biodiversity Action Plan, Stakeholder Engagement Plan, Livelihood Restoration Plan, Non-Technical Summary, Construction Environmental and Social Management Plan and Environmental and Social Action Plan will be disclosed at EBRD and Company website for 60 days. Targeted stakeholders' meetings will occur during the disclosure period.

Supply Chain Due Diligence has been conducted by the independent Lenders' Environmental and Social Advisor in 2026 and included a review of the Borrower's corporate level supply chain management system and project-specific supply chain due diligence. Enhanced supply chain due diligence has been conducted for the solar components to be supplied for this project in accordance with the EBRD Management Approach for Solar Supply Chain Risk Management. The solar PV module suppliers production facilities and those of the supply chain are located across the People's Republic of China, and they have no operational facilities in Xinjiang. These suppliers have been responsive and engaging with the Bank on supply chain management issues and forced labour prevention efforts. In accordance with the agreed Management Approach, the Borrower will also provide regular reporting through a change control process and traceability verification documentation of approved module suppliers of PV panels to EBRD after or during manufacturing.

Additionally, the solar legal rider annex of EBRD loan agreement requires solar suppliers to cascade the requirements to solar supplier contracts. The Borrower provided the draft solar supplier agreement which includes the provisions of the annex. The Bank will review the contract and the Bills of Materials,and bridge any gaps. Both the Borrower and suppliers are committed to meeting requirements of the Bank and agreeing in full before signature.

The Environmental and Social Due Diligence (ESDD), including Supply Chain DD and a detailed ESAP, with both corporate and project-specific requirements, has been developed and agreed in general with the Borrower prior to disclosure. The Bank will be monitoring the implementation of the project and ESAP through a Lenders Technical Advisor's bi-annual site visits during the project implementation.

Investment information not provided at the time of disclosure.

As stated by the EBRD, the borrower will be West Power Investments SRL, a special purpose vehicle incorporated in Romania, established for the sole purpose of implementing the Project. The Borrower is ultimately fully owned by Rezolv Energy. Rezolv Energy is an independent renewable energy producer majority backed by Actis, a leading global investor in sustainable infrastructure.

Client - Rezolv Energy s.r.o.:

Email: info@rezolv.energy 
Phone: +420 227 316 222
Website: https://rezolv.energy/project/dama-solar/ 
Address: Amazon Court, Karolinská 661/4 180 00 Praha 8, Czech Republic

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