The European Bank for Reconstruction and Development (EBRD) is lending over €46m to finance the construction and operation of a 102MW wind farm in Romania.
The amount is part of a €93m financing package for the Urleasca wind farm and highlights the Bank’s support for Romania’s decarbonisation efforts.
The EBRD’s Grzegorz Zielinski, Head of Energy Europe, said: “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 (PPAs) and boost Romania’s increase in renewables capacity which is targeted to grow by adding 11.9GW over the coming years.”
Eran Davidi, CEO of BIG MEGA Renewable Energy, said: “The signing of the financial agreement for Urleasca Wind Farm is a great milestone and part of a far-reaching strategic move by BIG Mega Renewable Energy to grow its activity in Romania and the Balkans.
“This project marks a major step on Romania’s path to green energy transition and I’m sure it will pave the way for other projects in the future. We plan to be essential part of this future.”
He added: “We were fortunate to collaborate with our partners EBRD and OTP for financing the Urleasca project and I’m thankful for their great cooperation and unwavering commitment for the success of the project.”
Urleasca Wind Farm, a Romanian company, is equally co-owned by BIG Shopping Centers and MEGA OR, two Israeli companies that own and develop shopping malls and are listed on the Tel Aviv stock exchange.