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EBRD considers providing EUR 96 mln loan for Lukoil’s wind farm in Tulcea, Romania

The European Bank for Reconstruction and Development (EBRD) is considering providing a loan worth EUR 96.6 million to Land Power company for the development of an 84 MW wind farm in Tulcea, southeastern Romania. The 42 turbines in the project will be located in the municipalities of Dorobantu, Topolog and Casimcea in Romania’s Tulcea region.

The total cost of the project amounts to EUR 137.9 million and, according to EBRD, this project will support Romania in increasing its renewable energy capacity to meet EU’s green energy targets.

Land Power is a limited liability company incorporated in Romania, totally owned by LUKERG Renew GmbH, a renewable energy development company incorporated in Austria. LUKERG Renew SpA is a joint venture between the Russian energy company LUKOIL-Ecoenergo and the Italian energy company ERG Renew SpA. More about the project here.

The EBRD has played a significant role in co-financing infrastructure projects in Romania. Renewable energy projects, along with water supply and sewage systems in particular have attracted funding from the bank. Two of the bank’s more recent Romanian investments are a EUR 9.2 million loan to Hidroprahova SA, the water and wastewater operator for the Prahova area, north of Bucharest, and a EUR 50 million deal to finance the operation of two wind farms in Romania. The 24 MW Vutcani wind farm and 33 MW Sarichioi wind farm were developed by renewable energy firm EDP Renováveis and are already operational.

Irina Popescu, irina.popescu@romania-insider.com