The European Bank for Reconstruction and Development (EBRD) has extended a €91m loan for the construction and operation of an 80MW wind farm in Chirnogeni, Romania.
Construction at the wind farm is scheduled to commence by the end of 2012 with full commissioning expected before March 2013.
The bank will provide €31m under an A/B structure while €60m is syndicated to Erste Group Bank, ING Bank and Unicredit Bank Austria.
Cyprus-based power development company EP Global Energy (EPGE), the project’s developer, will hold a 20% equity stake while the Marguerite Fund and the EnerCap Power Fund will own 50% and 30% stakes respectively.
The Chirnogeni wind farm is estimated to entail a total cost of €130m. EBRD Power and Energy senior banker George Gkiaouris noted,”This is the first pure limited recourse financing on the Romanian renewable sector.”
EPGE CEO Efthyvoulos Paraskevaides added, “EPGE is extremely proud to have reached closure on such an important flagship project after years of hard work and sustained effort.”