European Bank to provide EUR91m loan for 80MW wind farm in Romania
The European Bank for Reconstruction and Development will provide a €91m loan for the construction and operation of a 80MW wind farm in Chirnogeni of Dobrogea region in Romania.
EBRDs will lend €31m under an A/B structure from the bank's own account whereas €60m will be syndicated to Erste Group Bank, ING Bank and Unicredit Bank Austria.
The total cost of the project is expected to be in the region of €130m.
As part of a complex transaction the Marguerite Fund will acquire a 50% equity stake in the wind farm while EnerCap Power Fund to pick up a 30% stake.
Project developer EP Global Energy will retain the remaining 20% share.
Commenting on the financing EPGE CEO Efthyvoulos Paraskevaides said, "EPGE is extremely proud to have reached closure on such an important flagship project after years of hard work and sustained effort. I would like to thank our partners and the EBRD's unwavering support throughout the financing process in challenging circumstances."
Construction of the facility is scheduled to begin before the end of 2012 and is expected to become operational by the first quarter of 2013.