Lukerg Renew nails Romania finance

Developer Lukerg Renew will receive €67m ($92.2m) in project finance from Raiffeisen Bank International and ING Bank for its 70MW Gebeleisis wind farm in Romania’s Galati region.

Gebeleisis, in eastern Romania near the Black Sea, contains 35 wind turbines of 2MW each and was bought from Denmark’s Vestas for €109.2m in June 2013. It became operational last year.

Lukerg Renew, a joint venture formed in 2011 between Italian renewables developer ERG Renew and Russian oil giant Lukoil, has rapidly become an important player in the eastern European wind market.

In addition to Romania and Bulgaria, Lukerg is considering projects in Ukraine and Russia. It is also interested in solar energy, according to previous announcements.

Earlier this year, the JV announced it finalised the construction and commissioning of the Topolog-Dorobantu wind farm in the Romanian region of Tulcea, with an installed capacity of 82MW.