The European Bank for Reconstruction and Development (EBRD) said it is considering providing a senior loan of up to 68 million euro ($90.2 million) for the construction, commissioning and operation of a 108 megawatt (MW) wind farm in Romania.
The farm, located in the Dobrogea region in southeastern Romania, will consist of 36 wind turbines and will cost up to 192 million euro, the EBRD said in a statement on Tuesday.
The remaining funding is being provided by other financial institutions and the wind farm's owner.
The project expects to sell both electricity and green certificates (GC) on Romania's OPCOM day-ahead and the GC market, respectively. It will thus boost the volume of electricity and GCs traded, increasing the significance of these platforms and improving the transparency and liquidity of traded electricity, the EBRD said.
The wind farm will contribute to a reduction in emissions by over 140,000 tonnes of CO2 per year, according to a formula developed by the British Wind Association.
Romania-based Crucea Wind Farm S.A. will be 100% owned indirectly by STEAG GmbH, a leading power producer in Germany. STEAG is responsible for planning, construction and operation of high-efficiency power plants using fossil fuels and renewable energy sources with reference projects in over 60 countries and 9,400 MW of operating assets, including 7,700 MW in Germany.
STEAG is owned 51% by a consortium of seven municipal utilities of the Rhine-Ruhr region in Germany and 49% by Evonik Industries AG.
The EBRD loan has passed concept review and is pending final review.
($ =0.7535 euro)
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