Eurowind Energy has signed a €65m credit facility for the construction of a 48MW wind farm in Romania.
The credit facility for the Pecineaga wind farm is with Erste Group Bank and its Romanian subsidiary Banca Comerciala Romana, which are jointly financing the investment loan, with each contributing €32.66m.
The credit facility matures by the end of 2040 and covers 70% of the total development costs of the Pecineaga park.
In addition, the two banks are providing Eurowind Energy with a package worth €18m, including a VAT facility and other products dedicated to supporting the Pecineaga project.
Pecineaga wind farm is scheduled to become operational in the first quarter of 2025 and involves a total investment of €93m.
Adrian Dobre, Country Manager for Romania for Eurowind Energy, said: “We appreciate the professionalism and high level of engagement shown by Banca Comerciala Romana and Erste Group in this transaction.
“We hope this is just the beginning of a fruitful relationship. Our Pecineaga wind farm is our first construction project in the new wave of renewables in Romania.
“Eurowind Energy sees Romania as an attractive growth market and to realize our substantial development pipeline, we need partners like Banca Comerciala Romana and Erste Group that can see both purpose and commercial value by playing a part in financing the green transition of Romania.”
“Erste Group is proud to partner with Eurowind on this important energy transition project.
“Erste Group, with over 200 years of history, is dedicated to investing in CEE’s sustainable development and fostering the region’s financial health. Pecineaga wind farm will provide clean, renewable, and reliable energy to households and companies in Romania.
“I would like to thank the many individuals and teams who helped make this project possible, especially the joint Erste Group/BCR structuring deal team and the entire Eurowind team for the trustful and constructive cooperation.
“Pecineaga wind park represents a remarkable contribution to Romania’s green energy transition and is significant for the wider region.
“Together with our clients, we will continue supporting the transition to greener energy,” said Wolfgang Hargassner, Head of Corporate Finance at Erste Group.
Mihaela Iorga, Business Development Director Corporate BCR, added: “BCR plays an active role in promoting the transition to a green economy, and the funding for Eurowind Energy confirms our expertise and cooperation in developing a sustainable energy sector.