EDP Renováveis executes project finance for 90 MW in Romania
Madrid, July 11th 2011: EDP Renováveis, S.A. (“EDPR”) has executed another project finance structure agreement with a consortium of banks led by the European Bank for Reconstruction and Development (“EBRD”) and the IFC, a member of the World Bank Group, for the 90 MW Pestera wind farm in Romania.
The long-term contracted debt facility amounts to €73 million and the transaction financial close is expected on the third quarter of 2011.
This transaction, for the fully operational 90 MW Pestera wind farm, represents EDPR’s second project finance in Romania. The total 228 MW of EDPR’s wind installed capacity in Romania have now the project financing fully secured (€188 million).
The ability of EDPR to close project finance transactions in Eastern Europe provides strong evidence of the company’s competences in the development of top quality projects and financial structures meeting the requirements of partners with rigorous investment criteria and a strong focus on renewable energy development.