The European Bank for Reconstruction and Development announced that it is lending more than 46 million euros for the construction of a 102 MW onshore wind farm Urleasca in Romania.
Wind farm will be located in the county of Braila and will be built and operated by Israeli joint venture BIG MEGA Renewable Energy, the EBRD said in a press release.
The wind farm will generate an estimated 277 GWh of green electricity annually, reducing carbon dioxide emissions by around 115,000 tonnes per year.
“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, head of Energy Europe at EBRD.
The 46-million-euro loan is part of a 93-million-euro financing package jointly provided to BIG MEGA by the EBRD and OTP Bank.
BIG MEGA Renewable Energy is a JV between Israeli real-estate companies BIG Shopping Centers and MEGA OR Holdings. The two real estate developers set up the JV with the aim of extending into the renewable energy sector.
