Due to the constant changes to the supporting scheme for renewable energy producers in Romania and the related uncertainty for the involved banks and investors, the financial close for the project took place on November 9, 2012 after extensive and protracted negotiations.
The financing for the 130 million Euros Chirnogeni wind project was the first true non-recourse financing for a renewables project in Romania and it has become the template for standalone wind financing in the country. In appreciation for the efforts of the involved parties the project was awarded with the prize of the European Onshore Wind Deal of the Year 2012 by World Finance Magazine.
Owing to the severe winter 2012/2013, the construction activities could first commence in March 2013. On June 4, 2013, however, the Romanian Government approved by way of an Emergency Ordinance new measures applicable to the RES sector as of July 1, 2013. These new measures aimed at the cutting of further incentives, and shook the foundations of many renewable energy projects. In order to avoid losses in the operating phase of the wind farm resulting therefrom, completion of the wind farm needed to take place within five months to achieve the independent producer status by the end of the year 2013.
The acceleration of the construction time by installation works within nine months for the completion of a wind project of this size and scope is unique. This achievement was only possible by the concentrated work of all project participants. The project was completed in November and received the independent producer status on November 18, 2013. The Chirnogeni Wind Farm was again awarded with the prize of the Project Finance Deal of the Year 2013.
About Lahmeyer International
The name Lahmeyer is a trade name for experience and quality. Lahmeyer International (lahmeyer.de) was founded in Germany, but has been established on all continents for a long time as one of the leading engineering companies for multidisciplinary tasks. Governments and governmental agencies, utilities, industrial corporations, investors and international financing institutes all value us as a reliable partner for their projects.