OMV Petrom and the Renovatio Group have secured a €47 million investment loan from Banca Comercială Română to finance construction of the approximately 50 MW Gura Văii wind farm in Romania’s Bacău county. The financing is linked to the company developing the CEE Onești project. The loan is set to cover at least 60% of total investment costs.
The disclosed terms imply a project value of no more than approximately €78 million if the debt equals exactly 60%. On that basis, the indicative capital cost is around €1.56 million per MW. The precise leverage ratio may be higher than the disclosed assumption, but the structure described aligns with project finance backed by sponsor equity.
Financing structure and investment cost indicators
BCR’s participation is described as reflecting a conventional project-finance balance between debt and equity contributions from sponsors. That arrangement is intended to provide a buffer for the lender against construction delays, lower production outcomes or weaker electricity prices. The loan decision also points to acceptance of key project inputs including permitting, construction planning and revenue assumptions.
The financing decision is tied to a development stage in which principal permits required for construction have been secured for Gura Văii. Wind project financing is described as requiring detailed assessment across turbine technology, resource studies, grid availability, wake losses, availability guarantees and long-term operating expenditure. Those elements are part of the underwriting process for debt service coverage.
Output forecast and revenue sensitivity
Gura Văii is expected to generate around 110 GWh annually, implying a capacity factor of approximately 25%. The project forms part of a wider group of renewable investments totalling 300 MW that received final approval from OMV Petrom. At an annual output of 110 GWh, every €10/MWh change in realised power prices would shift gross annual revenue by about €1.1 million.
This sensitivity places emphasis on route-to-market arrangements, hedging structure and balancing exposure for debt service. The loan documentation also highlights that these factors depend on realised electricity pricing relative to assumptions used in the financing model. Grid-related constraints are singled out as a key variable affecting timing and cash flows.
Construction timing risk and grid delay exposure
Grid delay is identified as one of the most material risks for the project. A 12-month postponement after major construction expenditure could add interest during construction, defer revenue generation and weaken equity returns. The effect is described as particularly severe when turbine deliveries and debt drawdowns occur before connection readiness.
The financing approach therefore depends on converting loan approval into disciplined construction execution, timely grid energisation and production performance consistent with the 110 GWh forecast . The underwriting focus includes how delays could impact both schedule-dependent costs and revenue start dates under the project finance timetable.
OMV Petrom pipeline and Renovatio partnership context
OMV Petrom entered the underlying portfolio in 2024 by acquiring a 50% interest in a company developing around 1 GW of renewable capacity. Gura Văii is among the first projects from that pipeline to reach financing and implementation stage. The development aligns with OMV Petrom’s plan to build more than 2.5 GW of renewable capacity with partners by 2030.
The company currently reports around 70 MW in operation and approximately 1.5 GW under development across wind, solar and hydropower . For OMV Petrom, renewable investment is positioned alongside its oil, gas and refining business base, while for Renovatio it provides access to a larger balance sheet and financing capacity. BCR’s involvement is also described as reflecting growing bank appetite for Romanian wind assets with advanced permitting and sponsor credibility.
