Israeli renewables company Nofar Energy is set to secure a EUR 68 million loan from the European Bank for Reconstruction and Development (EBRD) for three large-scale photovoltaic projects in Romania, with a combined capacity of 515 MW, including the 265.5 MW Corbii Mari solar park.

The EBRD’s loan, with an expected approval date of September 10, 2025, will be disbursed to Nofar’s three Romanian subsidiaries – Corbii Mari Solar Plant, Aviv Renewable Investment, and Slobozia Solar Plant.

Nofar’s firms intend to build a 175.7 MW solar farm in Iepurești, a 74 MW solar farm in Slobozia, both in Giurgiu county, and a 265.5 MW solar farm in Corbii Mari, Dâmboviţa county, according to the EBRD.

The three solar parks are expected to generate 676 GWh of electricity annually. Their operation is expected to reduce CO2 emissions by 280,000 tons annually, the bank noted.

The Corbii Mari solar park, spanning a total of 290 hectares, would be located near the Romanian capital, Bucharest. Given its size, the project is divided into six lots, Romanian news portal Profit.ro reported.

Nofar operates the largest existing photovoltaic park in Romania, of 155 MW, located in Rătești in Argeș county.

There are other major photovoltaic projects in Romania larger than Corbii Mari, in various stages of development, including one of over 1 GW, under development in Arad county by Czech company Rezolv Energy.

Ingka Investments, the investment division of Sweden-based Ingka Holding, the largest IKEA franchisee company, is building its first solar power plant in Romania. The Butimanu project is for 300 MW in peak capacity, it recently said.

Nofar is also developing the Ghimpați solar project near Bucharest, with an installed capacity of 146 MW. Earlier this year, the Israeli company said it had connected to the electricity grid its solar park in Ada, the largest such system in neighboring Serbia.