EBRD financing 102 MW wind farm in Romania

Urleasca Wind Farm will be located in the southeastern county of Braila and will be built and operated by Israeli joint venture (JV) BIG MEGA Renewable Energy, the EBRD said in a press release.

The wind farm will generate an estimated 277 GWh of renewable energy 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.

Last year, Romania pledged to grow the share of renewable energy in its total electricity consumption to 36.2% by 2030 from 24.3% in 2019.

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.

($=0.9296 euro)