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The International Finance Corporation (IFC), member of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) granted a 114.8 million euros loan to Cernavoda Power company to co-finance the construction and exploitation of the 138 MW wind farms Cernavoda I and II, reads a release issued by the two banking institutions. EBRD and IFC each grant a 57.4 million euros loan for Cernavoda Power, whose majority shareholder is EDP Renovaveis, to finance the construction and exploitation of the wind farms.
This is the first "project finance"-type of investment of EBRD and IFC in the renewable energy sector in Romania.
"Supporting the projects devoted to renewable energy is one of the key priorities of EBRD. The Cernavoda-based wind farm will make a major contribution to expanding the capacity to generate wind energy in Romania and to reaching the EU renewable energy standard figures," said Nandita Parshad, EBRD head of power and energy utilities.
The Cernavoda-based wind farm located in the south-eastern region of Dobrogea will become one of the largest wind parks in Romania. Cernavoda I is operational now generating already 69 MW while Cernavoda II will be put into operation soon only to generate another 69 MW. Its total capacity will represent the fourth part of the total capacity of generating wind energy in Romania. AGERPRES