Funds to Help Romania's Transition to Green Economy
THE European Bank for Reconstruction and Development (EBRD) is helping Romania’s transition to a low-carbon economy through further development of renewable energy resources.
EBRD will provide a loan of €49 million towards the construction, commissioning and operation of the 108 MW Crucea North Wind Farm in the Black Sea region of Dobrogea.
Parallel to the Bank’s investment, Erste Group will contribute €49 million, 90% of which will be covered by the Danish Export Credit Agency (EKF), while Banca Comercială Română (BCR) will provide a €27 million VAT-funding loan facility.
Preliminary construction works on the 36-turbine wind park began late last year and are to be finalised by mid-2015. Once operational, the project will trade both electricity and green certificates on the wholesale electricity trading platform, OPCOM, increasing the depth and liquidity of the Romanian energy market.
This project is expected to reduce CO2 emissions by 140,000 tons per year. The total cost of the project is expected to be approximately €200 million.
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Friday 7th March 2014