EBRD lends 91 mln euro for wind farm project in Romania
BUCHAREST (Romania), November 13 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is providing a 91 million euro ($117.7 million) loan towards the construction and operation of an 80 megawatt wind farm in Chirnogeni, in Romania.
The loan will be under an A/B structure where 31 million euro will be lent for the EBRD’s own account and 60 million euro syndicated to Erste Group Bank, ING Bank and Unicredit Bank Austria, the EBRD said in a press release.
The construction will start before the end of 2012, and full commissioning is expected to take place during the first quarter of 2013.
“The complex deal will see the Marguerite Fund – the 2020 European Fund for Energy, Climate Change and Infrastructure – buy a 50% equity stake in the Chirnogeni wind farm and EnerCap Power Fund buy another 30% in the project,” the EBRD said. The developer, EP Global Energy (EPGE), will remain a shareholder with a 20% equity stake.
EPGE, the developer of the Chirnogeni wind project, is a privately owned power development company incorporated in Cyprus, and a member company of the Paraskevaides Group based in Cyprus. It is focusing on developing power projects in Eastern Europe, the Balkans, the Middle East, the Gulf region, and North Africa.
The EBRD has invested about 6.0 billion euro in Romania in over 315 projects.