OMV Petrom and the Renovatio Group have secured a €47 million investment loan from Banca Comercială Română, providing construction finance for the approximately 50 MW Gura Văii wind farm in Romania’s Bacău county.
The loan has been extended to the company developing the CEE Onești project and will cover at least 60% of total investment costs. The financing implies a project value of no more than approximately €78 million if the debt represents exactly 60%, equivalent to an indicative capital cost of around €1.56 million per MW.
The precise leverage ratio may be higher, but the disclosed figures point to a conventional project-finance structure with a meaningful equity contribution from the sponsors. That balance should provide the lender with a buffer against construction delays, lower production or weaker electricity prices.
Gura Văii is expected to produce around 110 GWh annually, corresponding to an implied capacity factor of approximately 25%. The project has secured the principal permits required for construction and is part of a wider 300 MW group of renewable investments that recently received final approval from OMV Petrom.
At an annual output of 110 GWh, every €10/MWh change in the realised power price would alter gross annual revenue by approximately €1.1 million. That sensitivity makes the project’s route to market, hedging structure and balancing exposure central to debt service.
The financing decision indicates that BCR is satisfied with the project’s permitting position, construction plan and revenue assumptions. Wind financing requires a detailed assessment of turbine technology, resource studies, grid availability, wake losses, availability guarantees and long-term operating expenditure.
Grid delay remains one of the most material risks. A 12-month postponement after major construction expenditure could add interest during construction, defer revenue and weaken equity returns. The effect is particularly severe where turbine deliveries and debt drawdowns occur before the connection is ready.
OMV Petrom entered the underlying portfolio in 2024, acquiring a 50% interest in a company developing around 1 GW of renewable capacity. Gura Văii is among the first projects from that pipeline to reach the financing and implementation stage.
The development forms part of OMV Petrom’s plan to build more than 2.5 GW of renewable capacity with partners by 2030. The company currently reports around 70 MW in operation and approximately 1.5 GW under development across wind, solar and hydropower.
For OMV Petrom, renewable investment diversifies a business still anchored in oil, gas and refining. For Renovatio, the partnership provides access to a larger balance sheet and financing capacity. BCR’s participation demonstrates growing bank appetite for Romanian wind assets with advanced permitting and credible sponsors.
Gura Văii’s relatively modest scale also makes it easier to finance and connect than some of the multi-hundred-megawatt projects accumulating in Romania’s grid queue. The project’s bankability now depends on converting the loan approval into disciplined construction, timely grid energisation and production performance consistent with the 110 GWh forecast.
