Greenvolt has raised $318.22 million of construction debt for a 253.1 MW wind farm in Romania. Eight months ago it raised $410.43 million for a 253.1 MW wind farm in Romania. The two projects are the same size, carry the same sponsor, sit in the same country and together make up one platform. One of them borrowed $92 million more than the other, and the difference is not in the turbines.
Key takeaways
- Greenvolt Group has secured $318.22 million of debt from a consortium of seven banks for construction of the Gurbanesti wind project in Romania, announced on 8 October 2026. The lenders are UniCredit, Erste Bank, Banca Comerciala Romana, Siemens Bank, Societe Generale, ING Group and Alpha Bank.
- Gurbanesti is a 253.1 MW onshore wind farm east of Bucharest, comprising 42 turbines rated at 6.1 MW each. Construction is under way and commercial operations are expected in late 2027.
- Gurbanesti and the 253.1 MW Ialomita Nord wind farm together form Greenvolt Power's 506 MW Wind Rose platform. Ialomita Nord raised $410.43 million from six banks in February 2026, which is $92.21 million more for the same nameplate capacity.
- Ialomita Nord holds a 15-year Contract for Difference with a weighted average strike price of $79.66 per MWh, awarded across two auctions covering 125 MW at about $76.39 per MWh and 48.8 MW at about $88.05 per MWh, or roughly 69 percent of its capacity. The Enerdatics record for Gurbanesti states no power sales arrangement.
- Enerdatics records 15 Romanian wind financings since the start of 2024, 14 of them with a stated amount, carrying about $2.94 billion between them. Greenvolt accounts for three of the 15 and about $796.7 million of that total.
What explains a $92 million gap between two identical projects?
Contracted revenue, as far as the records show. Lenders size construction debt against the cash flow they can rely on, and a Contract for Difference is the most reliable kind available in Romania. It pays a generator the gap between a fixed strike price and the market price, and claws the difference back when the market settles higher. For 15 years that converts a slice of a wind farm's output into something close to a fixed payment.
Ialomita Nord has one. It was awarded 125 MW at about $76.39 per MWh in Romania's first auction and 48.8 MW at about $88.05 per MWh in the second, giving a weighted average strike of $79.66 per MWh across 173.8 MW. That is roughly 69 percent of its 253.1 MW, contracted for 15 years. The Enerdatics record for Gurbanesti carries no power sales arrangement at all. On a per megawatt basis Ialomita Nord borrowed about $1.62 million against each MW of nameplate and Gurbanesti about $1.26 million, a difference of around $0.36 million per MW.
Why would a sponsor build the second half of a platform without a contract?
Because the two halves are going to different places. Greenvolt agreed in 2025 to sell Ialomita Nord to ENGIE, with Greenvolt remaining responsible for construction and commissioning until the wind farm reaches commercial operation, at which point ownership transfers. The debt on that project was raised against an asset with a contracted price and a contracted buyer waiting at the end of construction.
Nothing equivalent is recorded for Gurbanesti. What the record does show is a larger bank group, seven rather than six, and a changed one: Raiffeisen Bank and BRD are absent from the Gurbanesti syndicate, while ING Group, Alpha Bank and Banca Comerciala Romana appear. A sponsor raising less debt per megawatt from more lenders is a sponsor putting more equity behind the project and spreading a thinner credit across more balance sheets. That is what financing merchant exposure in Romania looks like, and it is the trade Greenvolt has chosen for the second half of Wind Rose.
How large is $318 million by Romanian standards?
Large, and part of a concentrated run. Enerdatics records 15 Romanian wind financings since the start of 2024, of which 14 state an amount and carry about $2.94 billion between them. The largest is the $579.09 million raised for the Pestera 2 wind farm in June 2026 by a consortium led by Copenhagen Infrastructure Partners. Gurbanesti is the third largest, behind Pestera 2 and Greenvolt's own Ialomita Nord.
Greenvolt alone accounts for three of those 15 financings, Gurbanesti, Ialomita Nord and the $68.05 million package for the Sacele wind farm in January 2026, totalling about $796.7 million inside nine months. Against a Romanian renewables market where the median raise is around $66 million, both halves of Wind Rose sit far out in the tail, which is why each needed a syndicate rather than a lender.
Enerdatics records 48 Romanian renewable financings since the start of 2024 and only four of them exceed $400 million, with 33 coming in below $120 million. Ialomita Nord is one of the four. Gurbanesti, at $318.22 million, is not, despite being physically the same wind farm as its twin. The gap between the two is larger than 33 of the 48 financings in the market.
What does the deal signal for Romanian wind?
It signals that Romania's CfD scheme has become the dividing line in what a project can borrow. Two auctions in, the mechanism is doing what a support scheme is meant to do, which is make projects financeable rather than profitable. A strike in the high seventies per MWh is not generous for onshore wind, but it is fixed, state-administered and long enough for a bank to lend against, and the evidence for its value is now visible as a number: about $0.36 million per MW of extra debt capacity on otherwise matched assets.
The second read is that merchant Romanian wind is financeable too, at a price. Seven banks were prepared to fund a 253 MW build with no recorded offtake, which was not obviously true two years ago. Sponsors should expect that route to cost them more equity and a wider syndicate, and should expect lenders to keep pricing the contracted layer explicitly rather than treating a Romanian wind farm as a single credit. Watch whether Gurbanesti signs a corporate offtake before commissioning in late 2027, because that would turn the comparison with its contracted twin into a test of whether the contract or the timing was worth more.
Frequently asked questions
How much did Greenvolt raise for the Gurbanesti wind farm?$318.22 million of debt from a consortium of seven banks, announced on 8 October 2026, for construction of the 253.1 MW project east of Bucharest. Commercial operations are expected in late 2027.
What is a Contract for Difference in the Romanian market?It pays a generator the difference between a fixed strike price and the market price, and recovers that difference when the market price is higher. Ialomita Nord holds a 15-year CfD with a weighted average strike of $79.66 per MWh covering 173.8 MW of its 253.1 MW capacity.
What is Greenvolt's Wind Rose platform?A 506 MW Romanian wind platform made up of the 253.1 MW Gurbanesti and 253.1 MW Ialomita Nord wind farms. Ialomita Nord was agreed for sale to ENGIE in 2025, with Greenvolt carrying construction and commissioning risk until commercial operation.
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