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European Bank to provide EUR50m financial assistance for renewable energy in Romania

CTBR Staff Writer Published 14 December 2012

The European Bank for Reconstruction and Development (EBRD) will provide €50m in financial assistance to EDP Renováveis for the operation of two wind farms in Romania.

EDP owned VS Wind will employ the funds for the 24MW Vutcani and 33MW Sarichioi wind farms that are part of the country's renewable energy generation strategy.

The Bank will structure €25m as direct lending and the remaining to be pooled together by a consortium of private commercial banks.

Commenting on the financial assistance EBRD Power and Energy director Nandita Parshad remarked that the bank will continue to assist the country's renewable energy sector and aim of greater growth trajectory in the future.

The financial agreement between the Bank and EDP is the third of its kind having earlier collaborated on 138 MW Cernavoda and 90MW Pestera wind farms in 2011.

EDP Renováveis CFO Rui Teixeira remarked, "This shows how we are delivering a sound strategy of developing quality assets supported by third-party financing through a strong relationship between the consortium of banks and EDPR."