$77m Romanian finance deal

Lukerg Renew, a joint venture between Italian developer ERG Renew and Russian oil giant Lukoil, has signed a €57m ($77.5m) project finance agreement for Romania's Topolog-Dorobantu wind farm.

The loan from the European Bank of Reconstruction and Development will finance the 84MW project in the southern region of Tulcea, which will use 42 Vestas turbines.

Earlier this year, the joint venture obtained €67m project finance from Raiffeisen Bank International and ING Bank for another Romanian wind farm, the 70MW Gebeleisis in the Galați region.

The EBRD has previously financed the 108MW Crucea North, 138MW Cernavoda 1 and 2, 90MW Pestera, 80MW Chirnogeni, 24MW Vutcani and 33MW Sarichioi wind farms, mostly in the Black Sea region of Dobrogea.

The bank’s total wind portfolio in Romania is 473MW, accounting for 18% of the country’s 2.62GW capacity.