EBRD funds 102 MW Romanian Wind Project

The European Bank for Reconstruction and Development (EBRD) will back the construction of a 102-MW wind farm in Romania with more than EUR 45 million (USD 48.4m) in debt financing.

The loan will be extended under a EUR-93-million funding package provided together with OTP Bank, EBRD said on Tuesday.

The project will be executed by BIG MEGA Renewable Energy, a joint venture of Israel-based real-estate companies BIG Shopping Centers and MEGA OR Holdings.

Urleasca Wind Farm will be built in the Braila municipality of eastern Romania. It will be equipped with 17 turbine generators of 6 MW each, which are expected to generate 277 GWh of electricity annually and thus offset 115,000 tonnes of carbon dioxide emissions. The plant will be run under corporate power purchase agreements (PPAs), according to the press statement.

Last year, Romania committed to deploying 11.9 GW of new renewable energy capacity as part of its ambitions to lift the share of renewable energy in its total energy consumption to 36.2% by 2030 from 24.3% in 2019.