Italy's EGP receives €112 million for Romanian projects

ROMANIA: Enel Green Power (EGP) has signed a 12-year €112 million financing agreement with Danish export credit agency EKF to help cover investments for Romanian wind-power projects with combined capacity of 118MW. Citigroup is the agent and arranger for the financing, which will be fully disbursed by end-October.

EGP, the renewable-energy arm of Italian utility Enel, noted the loan’s interest rate would be below the benchmark rate thanks to an EKF guarantee.  EKF is involved because EGP is using Vestas turbines and Siemens turbines manufactured in Denmark.

The financing will go towards EGP’s Moldova Noua and Corugea projects, with estimated total investments of €180 million. EGP just inaugurated its 70MW Salbatica II wind farm in the Dobrogea region, bringing its total Romanian wind capacity to 174MW. 

EGP, EKF and Citigroup also agreed on general terms and conditions for future loans when EGP uses Danish parts in other countries.

Meanwhile, a Vestas spokeswoman said the company was unable to comment on reports by Paris-based broker Bryan Garnier that Vestas would also supply turbines to 11 Romanian wind farms planned by French developer Filasa. Gheorghie Flutor, the head of Suceava County Council where the projects are planned, said he believed that 170 3MW Vestas turbines were on track to be ordered.