How can Romanian solar, wind and BESS developers secure project finance in 2027–2028?

An ATR and a building permit are not enough to secure bank financing. A lender funds the project's capacity to generate cash available for debt service and the legal ability to control risks when development or operations depart from plan. For developers active in Romania, the useful question is what exactly is missing before a bank can issue an executable financing offer and then permit the first drawdown?

What does “bankable” actually mean?

Bankability is not a status granted by a regulator. It is the conclusion of commercial, technical and legal diligence under which a lender can accept and price residual risks. A project may be ready-to-build yet unbankable because of its connection agreement, missing PPA, poorly defined EPC costs, security structure or incomplete land rights.

Start with a bankability gap assessment: identify existing documents, conditions precedent (CPs), items curable before financial close and risks that must be allocated contractually. Do not mistake an indicative term sheet for a binding financing commitment. Even a signed facility agreement may leave material conditions to drawdown outstanding.

How do banks assess DSCR, leverage and equity?

DSCR (Debt Service Coverage Ratio) compares cash flow available for debt service with debt service in the relevant period. Simplified, 1.20x means 1.20 units of available cash for each unit of principal and interest due. Leverage describes debt relative to total project capital; sponsor equity absorbs initial risk and unfunded costs. No ANRE rule sets a universal minimum DSCR binding on every Romanian bank.

Minimum DSCR, tenor, debt sculpting, DSRA, cash sweep and shareholder distributions are matters of credit policy and negotiation, not uniform lender promises. A merchant BESS may require more equity, a shorter tenor or a more defensive contract structure than a solar plant with a robust PPA. Compare offers by total cost and covenants, not headline margin alone.

What should the lender data room contain?

A coherent lender file contains title and site rights, urbanism certificate and permits issued under the framework now governed by Law No. 169/2026, building permit, environmental documents, ATR, solution study, grid connection agreement, guarantees and the network-works schedule. For qualifying projects add the ANRE establishment authorisation and financing evidence required by its terms. A missing critical document cannot be replaced with a general statement that “permitting is on track.”

Obtain the signed EPC or a commercially binding proposal, O&M documents, performance security, insurance, independently supported yield or BESS model and clear connection interfaces. Index the data room so the lender can trace each due diligence issue to the contractual or administrative document resolving it.

Why do the PPA and EPC matter so much?

For PV and wind, a PPA may stabilise a portion of revenue, but lenders examine price, delivery shape, buyer credit risk, imbalances, assignment rights and step-in. A long PPA without a creditworthy offtaker or negative-price treatment may protect less than its duration suggests. For BESS, the optimiser, market access and ancillary-service assumptions require equivalent rigour, though they are not perfect substitutes for a firm PPA.

Under the EPC, lenders focus on price, variations, completion date, liability caps, performance security, liquidated damages, contractor capability and interfaces with the network operator. If the financing agreement assumes a COD earlier than realistic energisation, a strong EPC does not solve the problem. The contractual schedule should be coherent for lender, sponsor and operator.

What security and control rights will lenders want?

The financing security package may include pledges over SPV shares, accounts, receivables and assets, contract assignments and cash-waterfall controls. The actual structure depends on Romanian law, asset type, lender and existing contracts. Direct agreements or consents may be necessary for step-in, assignment and limits on termination. Holding an ATR does not mean it is freely transferable or separately enforceable as collateral in every structure.

Lenders also review consequences of missed authorisation milestones: ANRE Order No. 15/2026 and No. 16/2026 connect certain permits and guarantees to the survival of grid rights. Expiry before first utilisation of the facility is therefore a credit issue, not simply a compliance detail.

How should developers engage a lender before full diligence?

Request a structured pre-screening discussion: technology, capacity, location, CAPEX, COD, revenue profile, connection cost, EPC, available equity, guarantees and SPV structure. Ask how much merchant exposure is acceptable, whether the lender has a BESS product, its indicative DSCR and reserve expectations and what would trigger an immediate decline. Record these as commercial indications, not as commitments.

Then assemble a Lender Readiness Pack: factual teaser, editable financial model, CP matrix, red-flag report, core documents and remediation plan. This is more useful than a generic legal memorandum about Romania's energy framework. The developer should be able to say not merely “we have a project”, but “these are the remaining risks and the evidence that will close them.”

Hypothetical example: the investment decision

*Hypothetical example, not a reference to an actual project.*

A hypothetical PV project costs EUR 50 million and the sponsor seeks 70% debt. The bank proposes testing a 1.25x minimum DSCR but has not confirmed leverage because the PPA covers only 40% of output and connection depends on delayed works. The 1.25x level is an assumption in this example, not a regulated minimum. The sponsor can compare additional PPA coverage, more equity or lower debt before commissioning full diligence.

Developer Action Checklist: what should be checked in the next 30–90 days?

1. Build a data-room index for land, planning, environment, building permit, ATR, GCA, ANRE, guarantees, EPC and O&M. 2. Model DSCR, cash sweeps, reserves and downside cases without assuming universal lender thresholds. 3. Test PPA/optimiser terms and merchant exposure from the lender’s perspective. 4. Align contractual COD, grid milestones and facility long-stop dates. 5. Arrange pre-screening and convert lender feedback into a tracked CP and remediation matrix.

Conclusion and next steps

A developer's objective is not to obtain a quick expression of interest. It is to present a project for which a lender can identify and close the critical risks. Bankability is a structured process of removing uncertainty, not a marketing label.

Request a project-specific assessment. Grigorescu & Partners can review the key documents and prepare a focused risk, deadline and action report. Discuss a mandate or Email us the project details.

Primary sources and verification date

*Analysis updated on 12 October 2026.*

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Editorial note: For general information, not project-specific legal advice. Applicable rules depend on project history, documents, contracts and subsequent amendments.