The European Bank for Reconstruction and Development (EBRD) and IFC, a member of the World Bank Group, are supporting Romania’s strategy to increase its renewable energy production by lending €114.8 million to co-finance the construction and operation of the 138 MW Cernavoda I & II wind farms.
The EBRD and IFC are lending €57.4 million each to Cernavoda Power SA, majority owned by EDP Renováveis, the world’s third largest wind energy company, to finance the construction and operation of the wind farms. Both will retain €42.2 million for their own accounts, syndicating €15.2 million each to a group of commercial banks. This is the first investment and project financing by the EBRD and IFC in the renewable energy sector in Romania.
“EDPR is pleased with this agreement and we look forward to developing the relationship with our partners and to continuing to provide safe and clean renewable energy to Romania”, said Ana Maria Fernandes, CEO of EDPR.
“Supporting renewable energy projects is one of the EBRD’s key priorities. The Cernavoda wind farm will considerably scale up Romania’s wind generation capacity, helping the country to meet EU green energy quotas,” said Nandita Parshad, EBRD Director for Power and Energy.
“IFC’s support for renewable energy is an important part of our work to address climate change and improve access to infrastructure,” said Dimitris Tsitsiragos, IFC Director for Middle East, North Africa, and Southern Europe. “Cernavoda wind farm will make a significant contribution to Romania’s renewable energy production and improve electricity supply to consumers and businesses.”
The Cernavoda wind farms, located in the Dobrogea region of Romania, will together comprise one of the largest wind farms in the country. Cernavoda I with 69 megawatts is already in operation, while Cernavoda II with another 69 megawatts is currently being commissioned. The total capacity will represent a quarter of the total wind generation capacity in Romania.