EBRD Mulls Lending up to 40 Mln Euro to Bulgarian Wind Farm Project

The European Bank for Reconstruction and Development (EBRD) said on Monday it was considering lending up to 40 million euro ($56.7 million) for a 60-megawatt (MW) wind farm project in Bulgaria worth approximately 100 million euro.

"The project is expected to be financed along with 2 commercial banks," EBRD said in a statement.

The wind farm is 100%-owned by Bulgarian renewable energy company Eolica Bulgaria, part of Spanish renewable energy developer Enhol Group. It will be located in the municipality of Suvorovo, in northeastern Bulgaria, about 25 kilometres inland from the Black Sea, and is expected to be operational in the second quarter of 2010, the bank said.

Bulgaria, which joined the European Union in 2007, has seen rapid growth in renewable energy recently as it must cover 16% of its electricity consumption with power generated from renewable sources by 2020, compared to below 10% now. At the end of 2008 it had wind farms with an installed capacity of 160 MW and solar parks with an installed capacity of a little more than 1.0 MW.

($ = 0.7051 euro)

Choose your newsletter by Renewables Now. Join for free!