Scatec has secured financing for the 77 MW Urleasca wind farm in Romania, clearing the way for construction of the Norwegian renewable energy company’s first onshore wind project in Europe.
The €168m project, excluding VAT, will be financed through a combination of non-recourse debt and equity, with debt accounting for around 60% of the capital structure. Erste Group and Banca Comerciala Română (BCR) are acting as mandated lead arrangers and underwriters.
Urleasca is supported by a contract for difference covering about 57% of expected generation, providing a degree of revenue certainty as the project moves into construction. Commercial operation is targeted for the second half of 2028.
For Scatec, the project represents a diversification of its Romanian portfolio, which already includes the 190 MW Dobrun & Sadova solar projects, currently under construction. The combination gives the company exposure to two renewable technologies with different generation profiles.
“Urleasca marks Scatec’s entry into European onshore wind and strengthens our position in Romania,” said CEO Terje Pilskog. He said adding wind would broaden the company’s technology mix and create a stronger platform for long-term value creation.
Scatec will retain 100% ownership of the project. OX2 will manage construction through commissioning under a Construction and Asset Transfer Agreement, while Scatec will take responsibility for operations and maintenance and asset management once the wind farm is operational.
The financing is another sign of growing institutional interest in Romania’s renewable energy market, where developers are increasingly combining government-backed revenue mechanisms with merchant or contracted revenues to make projects financeable.
For Scatec, the immediate priority is execution. With both the Urleasca wind farm and its Romanian solar projects moving forward, the company is building a multi-technology platform rather than relying solely on solar development.
Country manager Alex Patrascu said the projects were helping Scatec “build scale in a market with strong fundamentals and significant potential”, while creating opportunities to pursue different technologies and offtake arrangements.
