Enel's renewable energy arm invests EUR 330 mln in Romanian wind farms

Enel Green Power, the renewable energy arm of energy company Enel invested EUR 330 million last year in wind farms in Romania, from EUR 75 million in 2010, according to its most recent financial report. Enel Green Power’s total installed capacity in the country will rise to 292 MW, after the completion of the wind farm in Moldova Noua. Last year, the company paid EUR 38 million in success fees for the project acquired in Romania. Enel Green Power signed an agreement with Danish Government-owned Export Credit Agency and Citigroup last year for a EUR 112 million loan over 12 years, which should fuel investments in wind energy projects in Romania. This financing will be used to cover part of the investments required to build and expand Enel Green Power Romania wind power plants (Moldova Noua and Corugea) so as to arrive at a total installed capacity of 118 MW. These investments are expected to total EUR 180 million. Enel Green Power’s 70 MW “Salbatica II” wind farm is now operational in Romania. The plant, composed of 35 wind turbines of 2 MW each, is located near Tulcea, in the North Dobrogea area. End-2011, Enel Green Energy had a total installed capacity of 7,000 MW, of which half from wind parks. The green energy arm posted revenues of EUR 2.5 billion last year and a net income of EUR 412 million, giving its shareholders a dividend of 2.48 eurocents per share. The full financial report here. editor@romania-insider.com