The European Bank for Reconstruction and Development (EBRD) announced it will provide Romania with a loan worth €57 million (US$78 million) to fund its eighth wind power project in the country.
LUKERG Renew, a 50-50 joint venture headed by Italy-based ERG Renew and LUKOIL-Ecoenergo in Russia, is responsible for the wind farm’s development. The Topolog-Doroban?u wind farm will be located in southeast Romania’s Doroban?u, Topolog and Casimcea municipalities. The wind farm is capable of generating 84 megawatts with 42 wind turbines producing 2 MW each.
“Romania has large potential in renewable energy,” EBRD Senior Banker Louis Borgo said in a statement. “We are happy to have been able to provide much-needed long-term financing to projects that help the country generate clean energy and support transition to a low-carbon economy.”
The bank, which is Romania’s largest institutional investor, previously gave a €49 million (US$67 million) loan in March to build the 108 MW Crucea North Wind Farm in Dobrogea. The total cost of the wind farm, which is the first Romanian project for German-based power services provider STEAG GmbH, is expected to be €200 million.