The European Bank for Reconstruction and Development (EBRD) continues to support Romania’s strategy to increase its renewable energy production by lending €50 million to finance the operation of the 24 MW Vutcani wind farm and 33 MW Sarichioi wind farm. The EBRD is lending €50 million to VS Wind Farm SA, majority-owned by EDP Renováveis (EDPR), the world’s third-largest wind energy company. The structure of the loan comprises an A-Loan of €20m for the account of the EBRD and the remaining €30m were syndicated to UniCredit Bank Austria AG and Erste Group Bank AG on an equal basis.
This is the third investment and project financing by EBRD to an EDPR operated project in the renewable energy sector in Romania, following the financing of 138 MW Cernavoda wind farms and the 90MW Pestera wind farm back in 2011.
“We are very pleased to announce today that we have completed this financing agreement", said Rui Teixeira, CFO of EDP Renováveis. "This shows how we are delivering a sound strategy of developing quality assets supported by third-party financing through a strong relationship between the consortium of banks and EDPR".
Nandita Parshad, EBRD Director for Power and Energy, said, “We are delighted to finance our third project with EDPR in Romania and the first wind farm in Moldova region (Vutcani). The EBRD will continue to support project financing structures in renewables in Romania and will pave the way for further development of this sector.”
“The A/B Loan structure underlines the importance and the success of cooperation between commercial banks and the EBRD in financing renewable energy in Romania.” representatives of the two commercial banks added.
To date, the EBRD has invested about €6 billion in Romania in over 315 projects.