Financing Renewable Energy Projects in Romania
By Szilaghi Law · Updated 28 October 2026 · General information, not legal advice
Lenders finance Romanian renewable projects on the strength of their rights and contracts, not their megawatts. They check land rights, permits, the grid connection, the offtake contract and the construction contracts, then take security over all of them with step-in rights.
Land
Registered superficies rights or leases for the project life, mortgageable and assignable.
Permits
A valid building permit and environmental approvals, with no pending challenges.
Grid
A valid ATR and connection contract with guarantees in place.
Offtake
A PPA or CfD with acceptable price, volume, credit support and termination terms.
Construction
EPC contract with fixed price, completion date, performance guarantees and liquidated damages.
Security and step-in
Mortgages over land rights, plant, shares, receivables and accounts, with direct agreements.
- Land rights review
- Permit review
- Grid connection review
- PPA or CfD bankability review
- EPC and O&M review
- Security package and registrations
- Direct agreements
- Legal opinions
- Unregistered land rights. Lenders will not accept land rights that are not registered.
- Non-assignable contracts. Key contracts must allow assignment by way of security.
- Licenses on enforcement. Generation licenses do not transfer automatically on enforcement.
Do Romanian banks finance merchant solar projects?
Some do, usually with lower leverage and stricter cover ratios than for projects with a PPA or CfD.
Is a CfD bankable?
Lenders generally view a CfD as strong support, subject to its termination and adjustment terms.
Tell us the decision you need to make
Describe the transaction or regulatory issue, the Romanian assets involved and your timetable.
Consultation