Greenvolt has secured €348 million to build the 253.1 MW Ialomița wind project in Romania, one of the country’s largest private renewable developments. The debt package was arranged with a six-bank syndicate, including UniCredit, Erste, Raiffeisen, Société Générale, BRD, and Siemens Bank.

The key shift: Greenvolt sold the asset to ENGIE Romania in 2025 but is still carrying full construction and commissioning risk until COD in 2027.

This is not a flip at RtB. It is a structured build-and-transfer. Capital is locked in, the exit is pre-agreed, but execution risk stays with the developer.

Commercially, that matters. In a higher-rate environment, lenders are backing sponsors who can underwrite delivery, not just permits. A €348M syndicate on a single-asset wind project signals lender comfort with Greenvolt’s balance sheet, EPC strategy, and timeline control. It also shows buyers like ENGIE prefer contracted takeovers at COD rather than absorbing construction exposure.

Romania is becoming a scale market again. Large-ticket financings tied to pre-agreed exits point to a maturing pipeline where capital, utilities, and developers are aligning earlier in the lifecycle. The premium now sits with those who can finance and execute — not just originate.

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