The European Bank for Reconstruction and Development is providing €32m in funds to support the 156MW Saint Nikola onshore wind farm in Bulgaria.
EBRD supported construction of the project, located in the Kavarna region, with a €119m loan in 2008 and with this new €32m financing package it will refinance the remaining exposure on that loan and extend a new commitment of €16m.
The new EBRD funds will complemented by an additional €32 million in financing, split equally between two commercial banks, the company said.
EBRD has invested more than €4.2bn in Bulgaria’s economy through more than 270 projects.
Saint Nikola wind farm has also committed to participating in a renewable energy studies programme at the Technical University of Varna.
The company said it will help develop a new, accredited course, in which its employees will share practical aspects of designing, constructing and operating a large wind park.
Saint Nikola also plans to fund scholarships and offer internships to young people, with an emphasis on support for female students