Lukerg Renew secures EUR 67 mln financing for Romanian wind farm

Lukerg Renew, the joint venture comprising Italy’s Erg Renew and Russia Lukoil Energo, announced it reached a financing agreement with two banks for building the Gebeleisis wind farm with an installed capacity of 70MW in eastern Romania.

The renewable developed has secured a loan worth EUR 67 million with a maturity of 11 years from Raiffeisen Bank International and ING Bank.

At current industry prices, Lukerg’s wind farm requires an overall investment of EUR 112 million. The farm was acquired last year from Vestas, in a deal worth EUR 137.5 million.

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Romania reached 2,792MW of incentivized wind capacities by February 2014, according to grid operator Transelectrica.

Ovidiu Posirca