As stated by the EBRD, the development, construction and operation of up to 315 MW onshore wind farm located in Deleni, Romania in Constanta County, Southeastern Romania. The Project is owned by Midmar Callatis 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 new onshore wind 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.

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, under the RenewEU De-Risking Framework Operation approved by the InvestEU Investment Committee.

Categorised A (ESP 2024) due to scale and sensitivity, the project requires an Environmental and Social Impact Assessment (ESIA) and 60 days public disclosure prior to Board consideration. Due diligence included reviewing previous ESIA (2023), Critical Habitat Assessment, Livelihood Restoration Plan, additional biodiversity surveys (2024i2025), and stakeholder interviews. The ESIA reflects the updated project design and aligns with EBRD's 2024 Environmental and Social Policy and ESR6 Guidance Note.

The proposed development of a greenfield wind farm, consisting of 49 wind turbine generators (WTGs), each rated at approximately 6.4 MW, collectively contributing to the total installed capacity of 315 MW, is associated with significant environmental and social impacts, particularly in relation to biodiversity risks such as bird and bat collisions and potential cumulative effects. The project site marginally overlaps with Natura 2000 protected areas, ROSPA0001 AlimaniAdamclisi, ROSCI0353 Peitera Deleni, ROSCI0071 DumbriveniiValea UrluiaiLacul Vederoasa, and ROSPA0036 Dumbriveni. The site is mostly located in arable land with partial encroachment upon areas recognized for their biodiversity and ecological value such as steppe and meadow habitats.

The project has undergone a national permitting process in different stages between 2011 and 2025, inclusive of Strategic Environmental Assessment, Appropriate Assessment, and national EIA process concluding that there are no significant impacts on the Natura 2000 sites and resulting in a positive decision by the Constanta County Environmental Protection Agency.

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. As part of the ESIA, a Biodiversity Impact Assessment (BIA) and Critical Habitat Assessment (CHA) have been performed, identifying the presence of small areas of Critical Natural Habitats ( 62C0* Ponto-Sarmatic steppes with Stipion lessingianae plant associations; 91I0* Euro-siberian forest-steppe with Quercus spp; 40C0* Ponto-Sarmatic deciduous thickets, withPruno spinosae-Crataegetumplant associations as well as the European ground squirrel (Spermophilus citellus)) and several non-avian fauna species listed under Annex II of the EU Habitats Directive that qualify as PBFs. Notably, steppe and meadow habitats support a range of small mammals, herpetofauna, and invertebrates. The avifauna survey highlighted that several bird species present are included in Annex 1 of the EU Birds Directive and therefore PBFs, with some species categorized as Threatened by the IUCN Red List. These findings informed the development and implementation of mitigation strategies.

To address potential environmental and social impacts, the ESIA incorporates a robust suite of mitigation measures. These include post-construction fatality monitoring programs to quantify bird and bat collision rates, adaptive management plans with shut-down on demand systems triggered by casualty thresholds, and ongoing monitoring to evaluate the effectiveness of these actions. Additional measures encompass habitat restoration, minimization of construction disturbance, and careful scheduling to avoid sensitive periods for wildlife. The ESAP outlines the requirement to further strengthen these measures within an extended Biodiversity Management Plan (BMP), which will be disclosed to the public.

Stakeholder engagement followed Romanian legislation and international best practice, including formal public debates, disclosure of project documentation, and the establishment of a grievance mechanism. Feedback from local communities largely focused on anticipated benefits such as infrastructure improvements, employment opportunities, and enhanced community welfare, with no major objections recorded during the consultation period. The ESDD confirms that the stakeholder engagement process was compliant with national and international requirements, and a Consultation Report will be publicly disclosed summarizing responses to stakeholder feedback.

The associated infrastructure for the Project includes access roads, electrical substations, and transmission lines required to connect the wind turbines to the national grid. The development of these facilities was considered in the ESIA and subject to the same environmental and social standards.

The Project is not expected to result in any physical displacement of people or structures, with land secured predominantly through voluntary leases and commercial agreements. Affected land users, primarily local farmers, are accommodated by minimization of potential construction-related access restrictions, participation in structured consultation processes, granting access to alternative land or on an as needed-basis implementing livelihood restoration plans aligned with ESR5 to ensure their continued economic stability and appropriate livelihood support.

The Environmental and Social Action Plan (ESAP) sets forth both corporate and project-specific requirements, such as the appointment of dedicated biodiversity specialists, community liaison officers, and EHS staff. It mandates improvements to corporate environmental and social management systems, health and safety measures during construction and operation, traffic management, regular labor inspections, ongoing stakeholder engagement and independent monitoring. The Borrower is committed to cascading all mitigation measures from the ESMP, ESAP, and specialized management plans across construction and operations.

The ESIA package-comprising the ESIA, Supplementary Information, Critical Habitat Assessment, Biodiversity Action Plan, Stakeholder Engagement Plan, Livelihood Restoration Plan, Non-Technical Summary, CESMP, and Environmental and Social Action Plan-will be disclosed on EBRD and company websites for 60 days, with targeted stakeholder meetings during this period. The Bank will monitor project and ESAP implementation through bi-annual site visits.

Paris Agreement Alignment

The project is determined aligned with the goals of the Paris Agreement based on the application of the EBRD's Paris alignment approach for directly financed investments.

The project is aligned with the mitigation goals of the Paris Agreement as it features on the joint-MDB aligned list under the category "Generation of renewable energy (e.g., from wind, solar, wave power, etc.) with negligible lifecycle GHG emissions". The project is consistent with the adaptation goals of the Paris Agreement, subject to the implementation of a dedicated Climate Adaptation Plan, regular monitoring and integration of climate risk management to ensure ongoing resilience, particularly against the physical climate risks of wildfires, subsidence and wind speed reductions.

Green Finance Attribution

100% of the EBRD financing is classified as green finance, as it supports activities to achieve climate mitigation objectives. The attribution is made in line with the methodology to determine the green finance attribution of EBRD investments. The expected green outcomes of the project are emission reductions of c. 280 thousand tonnes of CO2 per year, subject to final technical confirmation.

Information on the investment type and amount was not provided at the time of disclosure.

As stated by the EBRD, the borrower will be Midmar Callatis S.R.L, 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 backed by Actis, a leading global investor in sustainable infrastructure.

Client - Rezolv Energy:

Website: https://rezolv.energy/project/dunarea-east-and-west/Rezolv  
Email: info@rezolv.energy 
Address: Rezolv Energy s.r.o.Amazon Court, Karolinska 661/4180 00 Praha 8, Czech Republic
Phone: +420 227 316 222

EBRD Resident Office:

Address: Metropolis Center, 56-60, Iancu de Hunedoara Bd., 3rd floor, West Wing, Sector 1, Bucharest, Romania
Phone: +40 21 202 7100

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