OMV Petrom and Renovatio have secured €47 million of investment debt from Banca Comercială Română for the Gura Văii wind farm in Bacău County, moving one component of their Electrocentrale Borzești portfolio from development into financed construction.
The project has approximately 50 MW of capacity, all necessary permits and forecast annual net generation of 110 GWh. That implies a capacity factor near 25 per cent, a relatively conservative level that provides some protection against overestimating wind resources in the lender’s base case.
The loan covers at least 60 per cent of project cost. BCR’s wider exposure can reach €61.6 million when the term loan, VAT facility and debt-service reserve arrangements are included. OMV Petrom and Renovatio each own 50 per cent of Electrocentrale Borzești.
Gura Văii forms part of approximately 300 MW of wind projects that reached final investment decision in April. The wider portfolio includes the 100 MW Podu Turcului and 155 MW Poiana projects, while a separate 657 MW Galați development has not yet reached FID. Production from the construction-stage portfolio is expected to begin progressively from the first half of 2027.
The financing demonstrates the threshold now separating credible Romanian renewables from the large speculative pipeline. Gura Văii has named sponsors, permits, a quantified generation forecast, committed equity and a domestic bank prepared to provide construction debt. Many projects holding preliminary grid approvals still lack several of these elements.
At €47 million for 50 MW, the investment loan equals approximately €940,000 per megawatt. If debt represented exactly 60 per cent of total cost, implied project capital expenditure would be around €78 million, or €1.56 million per megawatt. The final capital intensity may be lower because the loan covers at least 60 per cent rather than precisely that amount.
OMV Petrom’s objective is to exceed 2.5 GW of renewable capacity by 2030 with partners. It has about 70 MW operating and 1.5 GW in development. The Gura Văii transaction shows that the group is using joint ventures and project debt to expand without placing every euro of construction expenditure directly on its own balance sheet.
