The financing has been granted to developer VS Wind Farm, majority-owned by Portuguese company EDP Renováveis (EDPR), which has developed the 24MW Vutcani and 33MW Satichioi wind farms in Romania. Both projects are already operating, notes EDPR.
Half of the financing is coming directly from the EU-backed EBRD, which aims to foster redevelopment and liberal market policies in Eastern Europe, with the remaining €25m coming from commercial banks via the EBRD.
“We are very pleased to announce today that we have completed this financing agreement", said Rui Teixeira, chief financial officer 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".
This is the third investment and project financing by EBRD to an EDP Renováveis-operated renewables project in Romania, following the financing of 138MW Cernavoda wind farms and the 90MW Pestera wind farm in 2011.
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.”
To date, the EBRD has invested about €6bn in Romania in over 315 projects. Other countries the infrastructure fund is targeting include the Ukraine.