EBRD funding has supported the construction of a major wind farm in Estonia. The wind farm will contribute to the development of renewable energy in Estonia by greatly increasing the country’s wind generation capacity, which totals approximately 60MW.
Estonia has pledged to increase renewable energy as a proportion of total electricity consumption to 5.1 per cent of gross electricity consumption by 2010, from 0.8 per cent in 2006.
Many promising projects find it difficult to win the necessary financial backing. This is why the EBRD plays an important role with its support to help such projects come to fruition.
An EBRD focus on clean energy
The EBRD actively promotes the development of renewable energy sources within the context of its Sustainable Energy Initiative, which was launched in May 2006. Under this initiative, the EBRD has sharply increased its investments in energy efficiency, renewables and clean energy projects across its countries of operations.
In 2008 the EBRD purchased a 25 per cent stake in OÜ Raisner, a private company that is developing the 150MW Lüganuse wind farm in Estonia. This is the first large-scale wind farm project in the country and will be located approximately 120 km east of the Estonian capital, Tallinn, close to the Baltic Sea.
The investment – as well as future renewable energy projects in the region – has been made in cooperation with Iberdrola Renewables, the project’s majority shareholder (65 per cent), and OU Adepte, the local developer and minority shareholder of the project (10 per cent). Iberdrola Renewables is the world leader in wind energy.