Romanian wind farm secures funding

Romanian wind farm secures funding

Published: March 5, 2014

EBRD, Erste and Banca Comercială Română provide €125mn for 108MN project.

Funding has been secured for a €200mn (US$274mn) Romanian wind farm that should reduce the country’s CO2 emissions by 140,000 tonnes per year.

The 108MW, 36-turbine Crucea North Wind Farm is being developed in the Black Sea region of Dobrogea, and should be complete by mid-2015. The project, owned by German power company STEAG, will trade electricity and green certificates on OPCOM, the wholesale electricity trading platform, a move hoped to increase liquidity in the Romanian energy market.

The European Bank for Reconstruction and Development (EBRD) has provided a senior loan of €49mn to back the construction, commissioning and operation of the project. Austria’s Erste Group will contribute a further €49mn, 90% of which will be covered by the Danish Export Credit Agency (EKF). Meanwhile, Banca Comercială Română (BCR), a local lender, will provide a €27mn VAT-funding loan facility.