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EBRD supports 192MW wind farm in Romania
Bank lending €32 million to build and operate first phase of renewable energy project
Michael Marray 19 Jun 2024

The European Bank for Reconstruction and Development (EBRD) is lending €32 million (US$34.31 million), as part of a  €291 million financing package, to build and operate a 192-megawatt onshore wind farm in Romania, the first phase of a 461MW project.

The Vifor wind farm will be owned by First Look Solutions, a Romanian special purpose vehicle jointly owned by Prague-based Rezolv Energy and London-based Low Carbon, both investment companies with extensive experience in sustainable infrastructure assets worldwide.

It will be built in the Buzau region in the southeast of the country. The project is expected to start commercial operations by the end of 2025. Once commissioned, the first phase of the Vifor wind farm will supply clean electricity to approximately 108,000 households in Romania.

Given its size, the project is a milestone in the country’s ambitious energy transition story, the EBRD says, as Romania seeks to increase the share of renewables in its energy mix while boosting energy security amid the Russia-Ukraine war.

Romania is expanding its renewable energy goals in line with EU initiatives like Fit for 55 and REPowerEU. By 2030, the country aims to boost the share of renewables in its total energy consumption to 36.2%, from 24.3% in 2019. This involves adding 11.9 gigawatts of new renewable capacity.

“The project is expected to benefit from an unprecedented three power purchase agreements, and given the size, it will play an important part in boosting Romania’s renewables pathway to 2030,“ says Grzegorz Zielinski, EBRD’s head of energy in Europe.

The EBRD has to date invested almost €11 billion in 525 projects in Romania.

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