The European Bank for Reconstruction and Development (EBRD) and financial institution Raiffeisen Bank International have extended a €110 million (US$122 million) funding arrangement to solar developer Nofar Energy for the construction and operation of a 315MW solar photovoltaic project in Romania.

Comprising two projects, the Iepuresti plant (169MW) and the Ghimpati plant (146MW) are situated in the southeastern region of Muntenia. EPC contractor CJR Renewables was awarded the engineering, procurement, and construction (EPC) as well as operations and maintenance (O&M) contracts for these projects earlier this year.