Polish renewable energy developer R.Power Renewables announced on Wednesday that it has secured a significant financial boost of €12.4 million (approximately $13.4 million USD) from the Polish state-owned development bank, Bank Gospodarstwa Krajowego (BGK). This project finance agreement will enable R.Power to construct its inaugural photovoltaic (PV) solar power plants in Romania, marking a key step in the company's broader European expansion strategy and contributing to Romania's growing renewable energy sector.

Source: SeeNews

The initial phase of R.Power's Romanian venture will involve the development of PV plants with a total installed capacity of 23 MWp (megawatts peak), as the company confirmed in a recent social media update. This capacity is significant enough to power thousands of homes and businesses, contributing to Romania's efforts to reduce its reliance on fossil fuels and meet its renewable energy targets under the European Union's Green Deal.

This development builds upon R.Power's previous activities in the Romanian market. In August 2024, the company announced a strategic partnership with fellow Polish renewable energy firm Nomad Electric and Romanian developer Waldevar Energy to jointly develop this 23 MWp solar project. This collaboration highlights the increasing trend of cross-border partnerships within the European renewable energy landscape, leveraging the expertise and local knowledge of different players to accelerate project development.

"This marks our second project finance agreement outside Poland, following our previous expansion in Portugal and the agreement signed in January 2025," R.Power Renewables stated in its social media post. This statement underscores the company's determined efforts to diversify its project portfolio geographically and establish a strong presence across the European Union.

Background:

R.Power Renewables has established itself as one of the leading players in Poland's burgeoning photovoltaic sector. The company boasts a substantial track record in developing, constructing, and operating solar power plants. Beyond its strong domestic base, R.Power has strategically expanded its operations to several other key European markets, including Romania, Italy, Spain, Portugal, and Germany. This expansion reflects the broader trend of renewable energy companies seeking opportunities in countries with favorable regulatory frameworks and strong growth potential for solar energy.

Romania, as an EU member state, is committed to increasing its share of renewable energy in its overall energy mix. The country has set targets for renewable energy deployment as part of its contribution to the EU's climate goals. Solar energy is playing an increasingly important role in Romania's energy transition, with significant potential for further growth due to its abundant sunshine resources.

R.Power's commitment to the Romanian market is further evidenced by its earlier activities:

• Significant Project Pipeline: In March 2024, R.Power announced that it had secured a pipeline of over 200 MWp of solar projects with grid connections in Romania, indicating a long-term vision for its presence in the country. The company also reported an additional 1 GWp in its broader development portfolio within Romania.
• Initial Development Contracts: By June 2024, R.Power had signed its first contracts for the development of a portfolio of solar plants in Romania, laying the groundwork for the projects now being financed.
• Power Purchase Agreement (PPA): Earlier in March 2025, R.Power announced a significant power purchase agreement (PPA) with an undisclosed energy trading company in Romania. This long-term agreement, spanning from 2026 to 2036, secures the delivery of an estimated 357 GWh of renewable electricity, demonstrating the commercial viability and investor confidence in R.Power's Romanian projects. PPAs are crucial for providing revenue certainty for renewable energy projects, making them more attractive for financing.

The €12.4 million financing from BGK represents a crucial milestone for R.Power's entry into the Romanian market. BGK, as a state-owned bank, plays a significant role in supporting Poland's economic development, including the expansion of Polish companies into international markets and the promotion of sustainable energy initiatives. This financing underscores the bank's commitment to supporting the growth of renewable energy both domestically and within the wider European context.

This investment by R.Power will not only contribute to Romania's decarbonisation efforts and energy security but will also likely create local jobs during the construction and operation phases of the solar plants. The continued expansion of renewable energy projects across Europe is vital for achieving the continent's ambitious climate targets and transitioning towards a more sustainable energy future.