Crucea I

Location:

Romania

Project number:

42841

Business sector:

Power and energy

Notice type:

Private

Environmental category:

IEE

Status:

Cancelled

PSD disclosed:

16 Oct 2012

Translated version of this PSD: Romanian

Project Description

The EBRD is considering providing a senior loan of €46.6 million to finance the commissioning and operation of Crucea (40MW) wind farm, located in the Dobrogea region. The wind farm is expected to start operating by the end of Q4 2013. The Project will support Romania in increasing its renewable energy capacity to meet EU’s green energy quotas.

Transition Impact

To meet its requirements under EU law, Romania will have to increase the share of renewable energy as a proportion of its total electricity output to 20 per cent by 2020 from the current level of 3 per cent. The Project will directly contribute to the achievement of these targets by increasing the generation of renewable electricity.

Furthermore, the Project will strengthen the project finance market in a country that has historically relied to a large extent on corporate finance structures to develop power assets.

The Client

Generacion Eolica Dacia S.R.L. (GED) a special purpose vehicle incorporated in Romania, which is 100% owned by Generación Eólica Internacional, S.L. (GEI). GEI is a subsidiary of Grupo Empresarial Enhol S.L., a Spanish company.

Enhol Group has extensive experience in full development of green-field wind power projects with over 532MW (22 wind farms) commissioned in Spain, Bulgaria, Poland, India and Chile between 1998 and 2011. The Group has a pipeline of approximately 1,220MW including 520MW in Central and Eastern European countries.

At financial close, the ownership of the Project will be transferred to Gamesa Energia S.A. Unipersonal, the development and construction arm of Gamesa S.A., a Spanish wind turbine manufacturer, with a total installed capacity of over 5,000 MW and a portfolio of 25,000 MW in Europe, America and Asia.

EBRD Finance

The wind farm will be finance through a senior A/B loan structure of up to EUR 46.6 million.

Project Cost

The total project cost is approximately EUR 69.8 million.

Environmental Impact

Category A, requiring an Environmental and Social Impact Assessment (ESIA). Although the project is relatively small (40MW), it could cause potentially significant biodiversity impacts due to proximity of the site to the major bird migratory flyway along the Danube River, the placement of up to 12 turbines in a Natural 2000 area designated as a Special Protection Area for breeding and migratory birds, and the size of the larger Crucea development (100MW total for Crucea I, II, and III) as well as the large number of other wind developments in the area.

The Sponsor completed several years of bird monitoring data and an EIA to meet Romanian requirements. This included an Appropriate Assessment to meet the requirements of the Romanian law that transposes the EU Habitats Directive. An Environmental Impact Assessment (EIA) was prepared under Romanian law and following public consultations in June 2012, Romanian authorities have issued relevant environmental permits.

Past investigations and analysis allowed development of an Environmental and Social Action Plan (ESAP) whose implementation will ensure compliance with the Bank’s Performance Requirements. Among key ESAP requirements are for continued monitoring of birds and bats throughout construction and at least the first few years of operation to verify the Project does not have an unacceptable impact on birds and/or bats, and to develop additional mitigation if needed to reduce potential impacts.

The ESIA package was disclosed for a 60-day period of public review and comment on 16 October 2012. The ESIA package included the EIA, Stakeholder Engagement Plan, NonTechnical Summary, Appropriate Assessment, Cumulative Impact Assessment, a summary of 2012 bird and bat monitoring, and the ESAP.

This summary will be updated at the end of the 60-day disclosure period.

Technical Cooperation

None.

Company Contact

Pablo Feito Fernández (pfeito@enhol.es)
Generación Eolica Internacional S.L.
Polígono Noaín-Esquiroz C/O, Nº2
Edificio. Portal de Navarra 4, oficina 8
31110 Noaín – Navarra
Spain

Website: http://www.enhol.ro/index.php/en/docs

 

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