The European Bank for Reconstruction and Development (EBRD) and IFC, a member of the World Bank Group, are lending EUR 114.8 million to co-finance the construction and operation of the 138 MW Cernavoda I & II wind farms.
Cernavoda Power SA, majority owned by EDP Renováveis, the world’s third largest wind energy company, will receive EUR 57.4 million to finance the construction and operation of the wind farms.
The Cernavoda wind farms, located in the Dobrogea region of Romania, will together comprise one of the largest wind farms in the country. Cernavoda I with 69 megawatts is already in operation, while Cernavoda II with another 69 megawatts is currently being commissioned. The total capacity will represent a quarter of the total wind generation capacity in Romania.
Both will retain EUR 42.2 million for their own accounts, syndicating EUR 15.2 million each to a group of commercial banks. This is the first investment and project financing by the EBRD and IFC in the renewable energy sector in Romania.