By Cristiana Sandeva
Tel Aviv-listed developer Nofar Energy has closed a €192m 10-year project financing via the EBRD, OTP Bank and Raiffeisen Bank International for a 531MW solar portfolio in Romania.
The financing comprises a €64m tranche from the EBRD and €128m jointly lent by OTP and RBI backing the 281MW Coorbii Mari, the 179MW Iepuresti II and the 74MW Slobozia solar schemes. The debt is priced at 5.4% all-in and will come at 3.3% interest over six-month Euribor once the projects are operational.
The Corbii Mari and Iepuresti II projects are expected to generate revenues by selling power on Romania’s day-ahead market. The Slobozia scheme has 70.2MW backed by a 15-year contract for difference awarded in 2024 at €54.18/MWh.