Crucea North Wind Farm

Location:

Romania

Project number:

45388

Business sector:

Power and energy

Notice type:

Private

Environmental category:

A

Approval date:

26 Nov 2013

Status:

Complete

PSD disclosed:

13 Aug 2013

Translated version of this PSD: Romanian

Project Description

The EBRD is considering providing a loan for the construction, commissioning and operation of a 108 MW wind farm operating 36 wind turbines in the Dobrogea region of Romania.

Supporting a new private entrant in the market will promote private sector investment in Romania’s energy sector and help the country to meet EU green energy targets.

Transition Impact

The Project expects to sell both electricity and Green Certificates (GC) on the OPCOM day-ahead and the GC market respectively. It will thus boost the volume of electricity and GCs traded, increasing the significance of these platforms and improving the transparency and liquidity of traded electricity.

The Project will contribute to the reduction in CO2 emissions through the generation of electricity from renewable sources of over 140,000 tons of CO2 per year, according to a formula developed by the British Wind Association.

The Client

Crucea Wind Farm S.A. (“Crucea”, or the “Borrower”) will be 100 per cent owned indirectly by STEAG GmbH (“STEAG”, or the “Sponsor”), a leading power producer in Germany. STEAG is responsible for planning, construction and operation of high-efficiency power plants using fossil fuels and renewable energy sources with reference projects in over 60 countries and 9,400 MW of operating assets, including 7,700 MW in Germany.

STEAG is owned 51 per cent by a consortium of seven municipal utilities of the Rhine-Ruhr region in Germany and 49 per cent by Evonik Industries AG (“Evonik”).

EBRD Finance

EBRD to provide a senior loan of up to EUR 68 million with the remaining funding being provided by other financial institutions and the Sponsor.

Project Cost

Up to EUR 192 million.

Environmental Impact

Categorised A under the Bank’s 2008 Environmental and Social Policy due to the size of the project and its location in Constanţa County in the Dobrogea region of Romania, which supports a major migratory flyway for birds. The Bank’s environmental and social due diligence is being completed with the assistance of an international consultant.

The Romanian Environmental Impact Assessment has been approved and all permits issued. A full Environmental and Social Impact Assessment package – local EIA, Non-Technical Summary, Stakeholder Engagement Plan, Environmental and Social Action Plan, and an Appropriate Assessment that meets the requirements of the EU Habitats Directive – will be disclosed for 60 days of review and comment, during which time a public consultation meeting will be held in the project area. EBRD will take all comments into consideration prior to consideration by the Board of Directors.

This summary will be updated at the conclusion of environmental and social due diligence.

There is an Environmental and Social Impact Assessment available for this project.

Technical Cooperation

None.

Company Contact

Oliver Grundmann
STEAG, Head of Project Finance
Tel.: +49 201 801 2612; Fax +49 201 801 2620
E-mail: oliver.grundmann@steag.com

 

Business opportunities

For business opportunities or procurement, contact the client company.

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