On December 13, the EBRD announced that two new private wind projects in Romania are in the initial phase of financing. The onshore projects consist in the development, construction, and operation of a 461 MW wind farm project in Buzău County (Vifor Wind) and, respectfully, a 102 MW wind farm in the Brăila region (Urleasca Wind). The approval dates for each of the potential financings are February 21, 2024, and February 7, 2024 (49.5 million euros).
The Urleasca Wind project consists of 17 wind turbines with an installed capacity of 102 MW and is expected to generate 270 GWh of electricity per year. Urleasca Wind Farm SRL is a limited liability company incorporated in Romania and established for the sole purpose of constructing and operating the Urleasca wind farm. The company is ultimately fully owned by BIG Energia Holdings kft established in Hungary, which is in turn owned by BIG Shopping Centers ltd and MEGA OR Ltd., both Israeli companies operating as owners and developers of shopping malls and logistics properties, and both are listed on the Tel Aviv stock exchange.
The Vifor Wind project consists of 72 wind turbines with an installed capacity of 462 MW and expected associated CO2 savings of around 480 thousand tons annually. First Look Solutions S.A. is a special purpose vehicle incorporated in Romania, established for the sole purpose of implementing the project, and the borrower is ultimately owned by Rezolv Energy (51%) and Low Carbon (49%). Rezolv Energy is an independent renewable energy producer backed by Actis, a leading global investor in sustainable infrastructure. Low Carbon is a global renewable energy company investing in and operating large-scale renewable energy projects.
This are the most recent two projects in the EBRD’s energy portofolio in Romania which consists of 8 projects since 2021. The EBRD is working together with the Ministry of Energy and other Romanian authorities to create the necessary legal and regulatory framework for the CfD support scheme and to implement the competitive tender process for the first round of auctions in the near future.