Danish renewable energy developer-operator Eurowind Energy has clinched a substantial loan amounting to EUR 65.33 million (USD 69.6 million) to fund the construction of a promising 48-MW wind farm in Romania.
Announcing the financial milestone, Austrian lender Erste Group Bank AG disclosed on Monday its provision of a EUR 35.66 million credit facility towards the project, in collaboration with its Romanian subsidiary, Banca Comerciala Romana SA (BCR), which is extending an equivalent amount in lending.
In a concerted effort to bolster the project's financial backing, the two banking entities are also extending a comprehensive package valued at EUR 18 million, inclusive of a VAT facility and other financial products, aimed at fortifying the project's financial viability.
Dubbed “Pecineaga,” the wind farm is being meticulously crafted by Eurowind Energy at a strategically positioned site located approximately 50 kilometers (31.1 miles) from Constanta. Commencing construction in July 2023, the project has been propelled forward with unwavering determination.
Upon completion and commencement of operations, Pecineaga is poised to exhibit impressive capabilities, with projections indicating an annual electricity generation of approximately 176 GWh. Anticipated to come online in the first quarter of 2025, the wind farm represents a significant stride towards advancing Romania's renewable energy landscape, underlining Eurowind Energy's commitment to sustainable energy solutions.
