The loan is the first investment and project financing by the two multilateral financial institutions to Romania’s renewable energy sector and the country’s first major wind energy project financing transaction.
The loan is being made to Cernavoda Power SA, majority-owned by Portuguese renewable energy giant EDP Renovaveis.
Both EBRD and IFC are lending €57.4 million, of which €42.2 million is being retained on their own accounts and €15.2 million syndicated with commercial banks.
The first, 69MW phase of EDPR’s Cernavoda wind farm is already operational while the remaining 69MW phase is being commissioned.
According to figures from the Romanian Wind Energy Association, installed wind capacity in the country is currently about 535 MW.