Marguerite Fund and EnerCap Power Fund buy stakes in 80MW Romanian wind farm

The Marguerite Fund has bought a 50 percent stake in the Chirnogeni wind farm located in South-East Romania, from the Cyprus-based developer EP Global Energy, which will keep a 20 percent share of the project. EnerCap Power Fund, the Prague-based private equity fund, acquired the remaining 30 percent stake.

The project is located between the municipalities of Chirnogeni and Independenta, in the county of Constanta. The wind farm is expected to start commercial operations in early 2014.

The bulk of financing was raised from the EBRD, which granted EUR 91 million. Erste Group Bank, ING Bank and UniCredit Bank Austria were the other lenders. Total financing for the Chirnogeni farm amounted to EUR 130 million.

“We are happy to complete another important greenfield renewables deal in Eastern Europe and our first transaction in Romania. EP Global Energy has done a great job developing this project, and Marguerite played an important role contributing equity and helping to raise debt,” said Nicolás Merigó, CEO of Marguerite Adviser.

This was the second deal sealed by Marguerite Fund in Central and Eastern Europe. It bought last month a 49.99 stake in two wind farms with combined capacity of 104MW in Poland. The equity fund, which is backed by six European financial institutions, has made other investments in offshore wind and solar PV.

Law firm Salans has advised the buyers. The team was led by Bucharest-based partner Christopher Berlew. He was assisted by managing counsel Bogdan Bunrau and associate Raluca Voinescu. The law firm was among the first to work on renewable projects in Romania.

“This transaction consolidates our already strong renewable energy practice in Romania and sends a positive message towards future investors in the sector”, said Berlew.

The Marguerite Fund was established in 2010 to invest in greenfield and expansion projects in energy, renewables and transport sectors within the EU. Its core sponsors are Caisse des Dépôts et consignations – France, Cassa Depositi e Prestiti – Italy, European Investment Bank, Instituto de Crédito Oficial – Spain, KfW – Germany, PKO Bank Polski – Poland.

EnerCap Capital Partners has invested in 320MW of wind in Romania, Poland, the Czech Republic and Croatia.

EP Global Energy is currently developing an 114MW wind farm in the Eastern Mediterranean region. The firm is looking at a number of energy projects in the EMEA region.

Ovidiu Posirca

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