EBRD loans EUR 49 million to Romanian project

EUROPE: The European Bank for Reconstruction and Development (EBRD) is to provide a EUR 49 million senior loan for the 108MW Crucea North wind farm in the Black Sea region of Dobrogea owned by German power producer Steag.

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The project, composed of 36 Vestas 3MW turbines, is Steag's first Romanian investment. It has also received EUR 49 million in financing from Austrian bank Erste Group. 

Danish export credit agency EKF will provide 90% of this, while local bank Banca Comerciala Romana will also provide a EUR 27 million VAT-funding loan facility.

Preliminary construction work on the wind farm began late last year and is set to be completed by mid-2015. Total project costs amount to about EUR 200 million.

The Crucea North project could make up as much as a third of Romania's installations this year.

At end-2013, Romania's cumulative wind capacity stood at 2.61GW, up 700MW from end-2012. Amid incentive cuts and regulatory uncertainty, the Romanian Wind Energy Association has forecast roughly 300MW will be added this year.

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