Finance for 108MW Romania wind

The German-owned developer of the 108MW Crucea North wind farm in Romania has secured €125m ($172m) in finance to help build and operate the plant in the Black Sea region of Dobrogea.

The European Bank for Reconstruction and Development (EBRD) will provide a senior loan of €49m towards a total project cost of €200m.

Austria-based finance group Erste will contribute the same sum again, 90% of which will be covered by the Danish Export Credit Agency (EKF).

Banca Comercială Română (BCR), a subsidiary of Erste in Romania, will provide a €27m VAT-funding loan facility.

Denmark’s Vestas last year won the order to supply 3MW turbines to the wind farm, which is being developed by German power-producer STEAG – the main shareholder in the project company.

Preliminary construction work on the 36-turbine wind park began late last year and it is due to be finished by mid-2015, said the EBRD.

Once operational, the project will trade both electricity and green certificates on the wholesale electricity trading platform, OPCOM.