Erste Group Bank agree £165.7m loan for Romanian wind farm
£165.7m Loan has been given to Romania to develop a wind farm over the next 14 years
A £165.7m construction of 36 Vestas wind turbines has been invested in Crucea North wind farm. The operation has been financed in Romania by Erste Group Bank, Banca Comerciala Româna (BCR) in partnership with The European Bank for Reconstruction and Development (EBRD).
Erste Group Bank will be placed as a facility and security agent as well as sole hedging providers to Crucea Wind Farm. They have provided £40.6m EBRD has matched that whilst BCR are buying £22.4m stake. This is to cover the commercial loan by Eksport Kredit Fonden, the Danish export credit agency.
This 14 year loan is to help the construction period including various structured finance elements.
All stakeholders anticipate the project to sell both electricity and Green Certificates (GC) on the OPCOM day-ahead and the GC market respectively and predicted to cut carbon emissions by around 140,000 tons a year.
Already in the advanced stages of construction, its commercial operation date is set for the end of 2014.
STEAG GmbH will use the cash towards the construction, commissioning and operation of the 108MW Crucea North wind project in the Black Sea region of Dobrogea.
James Hyslop, the EBRD’s Director for Romania trusts the Crucea North will encourage private investments in Romania’s energy sector helping the country meet EU green energy targets.
