The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) have approved a EUR 114.8 million loan which will co-finance the construction and operation of the 138 MW Cernavoda I & II wind farms, developed by EDP Renováveis. EBRD and IFC are lending EUR 57.4 million each to EDP Renováveis, the world’s third largest wind energy company, to finance the construction and operation of the wind farms. Both will retain EUR 42.2 million for their own accounts, syndicating EUR 15.2 million each to a group of commercial banks. This is the first investment and project financing by EBRD and IFC in the renewable energy sector in Romania.

“Supporting renewable energy projects is one of the EBRD’s key priorities. The Cernavoda wind farm will considerably scale up Romania’s wind generation capacity, helping the country to meet EU green energy quotas,” said Nandita Parshad, EBRD Director for Power and Energy.

The Cernavoda wind farms, located in the Dobrogea region of Romania, will together comprise one of the largest wind farms in the country. Cernavoda I, with 69 megawatts is already in operation, while Cernavoda II, with another 69 megawatts is currently being commissioned. The total capacity will represent a quarter of the total wind generation capacity in Romania.

editor@romania-insider.com