Wind Energy

EBRD financing for wind power in Bulgaria

It is the second wind power project funded by the EBRD in this country, after the 198 million allocated for the Saint Nikolas wind farm. The European Bank for Reconstruction and Development (EBRD) will grant 60 million in funding for the new Suvorov wind farm, located in north-eastern Bulgaria, 25 km from the Black Sea.

The plant, which has a capacity of 60 MW (30, 2 MW wind turbines), is being built by Bulgaria Wind Energy, a subsidiary of Spanish Enhol. Under the project, the wind farm will be developed and will enter into service, a processing substation will be constructed, and a new line for national grid connection will be established.

The total expected investment is 108 million euros, the remaining amount being in part provided by a 22 million loan from the Black Sea Trade and Development Bank, while Enhol will find the rest on the financial market.

The latter stated that in the coming years it will develop from 200 to 250 MW of wind energy in Bulgaria, thus helping to achieve the target that the national government has set when entering the EU, that at least 16% of electricity demand should be covered by renewable sources by 2020 (compared to the current 9.4%).

Suvorovo is the second wind power project funded in Bulgaria by EBRD, which in 2008 provided, together with the International Financial Corporation, a 198 million euro loan for the 158 MW Saint Nikolas wind farm.

www.ebrd.com