Eight Banks, €284 Million: Greenvolt Closes Financing for the 253 MW Gurbănești Wind Farm

UniCredit, Erste, ING and five other lenders are funding the second half of Greenvolt’s 506 MW Wind Rose platform. Together with Ialomița, €632 million of financing now sits behind two Romanian wind farms that are financed and under construction.

Greenvolt Group, the KKR-owned renewables developer, has secured €284 million in project financing for its 253.1 MW Gurbănești wind farm in Călărași County, east of Bucharest. The deal, announced on 8 October 2026 through the group’s utility-scale arm Greenvolt Power, was structured with a syndicate of eight banks. The wind farm is financed and under construction, with commercial operation expected by the end of 2027.

“Romania is an important market for Greenvolt, where we see strong long-term potential,” said João Manso Neto, CEO of Greenvolt Group.

The deal in numbers

• €284 million of project finance for 253.1 MW, or roughly €1.12 million of debt per MW (Momentum Energy calculation).
• 42 GE Vernova turbines of 6.1 MW each, with 158 m rotors. GE Vernova’s contract covers supply, installation and commissioning.
• A 15-year CfD for 125 MW at €64.98/MWh, won by the project company in Romania’s first CfD auction in December 2024. That covers just under half of the installed capacity.
• Turbines spread across the communes of Gurbănești, Nicolae Bălcescu and Valea Argovei.
• Commercial operation targeted for end-2027.

Who is in the syndicate

The eight lenders are UniCredit, Erste Group Bank, Banca Comercială Română (BCR), Siemens Bank (Siemens Financial Services), Société Générale, BRD Groupe Société Générale, ING Bank and Alpha Bank.

Two of them, BCR and BRD, are Romanian banks, and both sit in the deal next to their own parent groups, Erste and Société Générale. The other lenders come from Italy, Austria, Germany, France, the Netherlands and Greece.

The more telling detail is the comparison with Ialomița. That wind farm closed a €348 million package in February 2026 with six lenders. Five of them returned for Gurbănești, and three new banks joined: BCR, ING and Alpha Bank. The lender group got wider for the second asset, not narrower.

Wind Rose: €632 million behind 506 MW

Gurbănești is one half of Greenvolt’s Wind Rose platform. The other half is the 253.1 MW Ialomița wind farm, which uses the same 42-turbine GE Vernova layout and whose project company also won a 15-year CfD for 125 MW, at €67.89/MWh. Together, the two financings add up to €632 million for about 506 MW, or roughly €1.25 million per MW.

The two halves follow different exit paths. In December 2025, Greenvolt agreed to sell Ialomița to ENGIE Romania. The sale completes when the wind farm reaches commercial operation, expected in 2027, and Greenvolt remains responsible for building and commissioning it. The Gurbănești announcement does not mention a sale.

Greenvolt’s Romanian wind pipeline is also growing. In February the group reported 555 MW of utility-scale wind projects in Romania. In October it reported 707 MW.

What lenders can benchmark, and what they cannot

The public numbers give sponsors three reference points: debt per MW, the size and make-up of the syndicate, and the share of capacity backed by a CfD. They do not give tenor, margin, gearing, debt service cover ratios or the offtake plan for the roughly 128 MW outside the CfD, which will need a PPA or merchant exposure. The two Wind Rose packages are also not like-for-like: the Ialomița figure includes additional related facilities.

Momentum Energy’s View

One design, financed twice. Gurbănești and Ialomița share the same capacity, turbine model, region and CfD round. The second financing closed about eight months after the first, and the lender group grew from six banks to eight. For developers with several similar projects, a standard design is more than an engineering choice. It can shorten the second and third financing, because lenders are likely to reuse much of the due diligence they have already done. The same pattern shows up in solar, where Scatec’s Oltenia platform raised bank debt against a repeated build.

Build, finance, sell at COD. Ialomița already has a sale agreement with ENGIE Romania that completes at commercial operation, while Greenvolt carries the construction phase with bank debt. For utilities, funds and Turkish groups already active in Romanian renewables, buying a wind farm at COD from a developer like this is a way into Romanian wind without taking construction risk. No sale has been announced for Gurbănești, which makes it the half of Wind Rose to watch.

Use the per-MW figure with care. Around €1.12 million of debt per MW at Gurbănești is a useful high-level reference for 6 MW-class onshore wind in Romania, not a term sheet. Momentum Energy will follow whether both wind farms reach commercial operation in 2027 as planned.

Sources and references

Organisations and documents cited in this article.

1. energy-pedia (Greenvolt press release): Greenvolt secures EUR 284 million financing for 253.1 MW wind project in Romania (8 October 2026)
2. StartupCafe.ro: Un grup portughez controlat de americani obține 284 milioane EUR pentru unul dintre cele mai mari parcuri eoliene din România (October 2026)
3. Romania Insider: Greenvolt secures EUR 284 mln financing for Romanian wind farm (9 October 2026)
4. Balkan Green Energy News: Greenvolt orders GE Vernova wind turbines for its 250 MW project in Romania (5 December 2025)
5. Balkan Green Energy News: Romania declares winners of its wind, solar power CfD auctions (18 December 2024)
6. Greenvolt Power: Gurbanesti Project 252.8 MW (project page)
7. Balkan Green Energy News: Portugal-based Greenvolt secures financing for two wind projects in Romania (27 February 2026)
8. Power Technology via Yahoo Finance: Greenvolt Power secures $410m for wind project construction in Romania (February 2026)