European Bank for Reconstruction and Development ( EBRD ) is managing to help Romania transition to lower CO2 emissions by crediting the development of renewable energy in the country. The bank will provide a loan of 49 million Euros for the construction , putting into operation and exploitation of 108 MW in wind farms Crucea in the Black Sea region of Dobrogea .
Along with the EBRD funding the project, Erste Group will participate with 49 million and 90 % of the investment will cover the Danish export credit agency ( EKF ), while the bank Comercială Română ( BCR ) will provide 27 million euros to finance the loan or for payment of VAT
Preliminary works on the construction of the wind farm will have 36 turbines which began its work late last year and should be completed by mid- 2015 year.
After the construction of the project will deal with electricity and green certificates on the Romanian stock exchange currents ( OPCOM ) , increasing the depth and liquidity of the Romanian energy market. This project is expected to reduce CO2 emissions by 140 tons per year .
Crucea North Wind Farm is owned by the leading German manufacturer of energy STEAG GmbH and this will be its first investment in electricity in Romania. STEAG is responsible for the planning, construction and operation of highly efficient power plants in more than 60 countries around the world.
Total project costs are expected to be around 200 million Euros.
STEAG focuses primarily on power plants, and renewable energy . This company develops renewable energy in emerging markets of Europe, including Poland , Romania and France.
” STEAG was very happy after the signing of the contract with the wind farm Crucea North, which is its first project in Romania . This project is a result of both the first and fruitful cooperation STEAG – with EBRD , EKF and Erste , “says Michael Baumgartner CEO STEAG .
” EBRD is very pleased to be working together with STEAG included , as well as with its financial partners , Erste Group and BCR EKF in support of this important project. Crucea North will attract private investment in the Romanian energy sector and help Romania to meet the goals of green energy in the EU , “comments James Hyslop , EBRD Director for Romania.
Source; Serbia Energy See Desk