Wind Wire: Project loan

Czech utility CEZ has secured a 15-year, EUR262.4 million turbine purchase loan for the first phase of its 600 MW Fantanele-Cogealac wind farm in Dobrogea in south-east Romania.

The 2.5 MW turbines are coming from GE Energy. The loan's lead arrangers are Bayerische Landesbank, BNP Paribas, Czech lender Ceskoslovenska Obchodni Banka and KBC Bank Deutschland.

BNP Paribas is the structuring and coordinating bank and Bayerische Landesbank is acting as the agent on the loan, which is guaranteed by German export credit agency Hermes. CEZ was to start turbine installation last month. CEZ says the loan is an indication of its strong credit rating.

It bought the Dobrogea project from Continental Wind Partners last August. Negotiations for engineering, procurement and construction of the second 252.5 MW phase of the project have begun, says CEZ.

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