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EBRD, IFC support increase in renewable energy use in Romania

By Svitlana  Pyrkalo

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 €73.3 million to co-finance the operation of the 90 MW Pestera wind farm.

EBRD and IFC are lending €36.7 million each to Pestera Power SA, majority-owned by EDP Renováveis (EDPR), the world’s third-largest wind energy company. Both will retain €26.9 million for their own accounts, syndicating €9.7 million each to a group of commercial banks. This is the second investment and project financing by EBRD and IFC in the renewable energy sector in Romania, following their joint investment last month in the 138 MW Cernavoda wind farm, also majority owned by EDPR.

"EDPR is pleased to be able to continue its relationship with partners who share our strong commitment to the development of safe and clean renewable energy in Romania," said Ana Maria Fernandes, CEO of EDPR.

Nandita Parshad, EBRD Director for Power and Energy, said, “We are delighted to finance this second wind farm in Romania as supporting renewable sources of energy is a priority for the EBRD in Romania. The Cernavoda and Pestera project financings will have a very high demonstration impact on project financing for renewables and will pave the way for the further development of this sector.”

Snezana Stoiljkovic, IFC Director for Eastern Europe and Central Asia, said, “Pestera and Cernavoda wind farms will make a significant contribution to Romania’s renewable energy production and improve electricity supply to consumers and businesses. IFC’s support for renewable energy is an important part of our work to address climate change and improve access to infrastructure.”

The Pestera and Cernavoda wind farms in the Dobrogea region of Romania will together comprise one of the largest wind farms in the country, with a total capacity of 228 MW. This will represent roughly 40 percent of the total wind generation capacity in Romania.

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