The European Bank for Reconstruction and Development (EBRD) is lending over 46 million euros as part of a 93 million euros financing package to build and operate a 102 MW onshore wind farm in Romania. Urleasca Wind Farm, which will be part of Romania’s energy transition, is expected to generate 277 GWh a year of renewable energy and save about 115,000 tonnes of carbon dioxide emissions annually.
The project highlights the Bank’s support for Romania’s decarbonization efforts, which will not only improve the environment but safeguard the country’s energy security in the context of Russia’s war on Ukraine.
“We are excited to support BIG MEGA Renewable Energy’s first renewable energy project in the EBRD’s region. The wind farm is expected to benefit from corporate Power Purchase Agreements and boost Romania’s increase in renewables capacity which is targeted to grow by adding 11.9 GW over the coming years”, said Grzegorz Zielinski, the EBRD’s head of Energy Europe.
More:
- DENMARK’S LATEST OFFSHORE WIND AUCTION COULD AWARD ENOUGH CAPACITY TO MEET THE COUNTRY’S ENTIRE ELECTRICITY DEMAND
- GERMAN ONSHORE WIND SEES RECORD AUCTION VOLUMES, PERMITTING IMPROVEMENTS AND CRUCIAL NEW PORT INVESTMENTS
- EBRD AND ERSTE APPROVE FINANCING FOR NEW WINDFARM IN SERBIA
Romania’s growing ambition in this area builds on EU-wide commitments enacted in the Fit for 55 and REPowerEU plan to increase renewables production by 2030. In 2023, Romania committed to increase the share of renewables in its total energy consumption from 24.3 per cent in 2019 to a more ambitious 36.2 per cent by 2030, by adding 11.9 GW of new renewable capacity.
Urleasca Wind Farm SRL, a Romanian company, is ultimately equally co-owned by BIG Shopping Centers ltd and MEGA OR ltd, two Israeli companies that own and develop shopping malls and are listed on the Tel Aviv stock exchange.
The EBRD, a leader in climate finance, has to date invested almost 11 billion euros in 524 projects in Romania.
Source: EBRD
