EDPR received the Best Sustainability Award in London
In recognition of its forward-thinking role as a market leader in the renewable energies sector, EDPR received the prize for “Best Sustainability Deal” at the fifth annual EMEA Project Finance Awards during a ceremony held June 21, 2012, at the Grand Connaught Rooms in central London. The awards, which are coordinated by EMEA Financemagazine, honor the top project finance houses, advisers and deals in Europe, the Middle East and Africa over the last year.
Closed in June and July 2011, the winning deal entailed the simultaneous financing of two sister wind farms, Pestera and Cernavoda, in the Dobrogea region of Romania, with a total combined wind capacity of 228 MW. The project, which EDPR co-sponsored with its Romanian partner, the Renovatio Group, represents Romania’s first project financing deal in the field of wind power and in the energy sector more broadly. In addition, it signals the financing of EDPR’s first wind farms in Romania, demonstrating the company’s strong commitment to implementing a funding strategy that supports growth and a strong financial performance, and brought much deserved attention to the impressive work and capabilities of EDPR’s and EDPR Romania’s technical, legal and financials teams, all of whom worked together to achieve the best financing for these wind farms. In particular, Celma Pires, Gabriela Dimancea, João Pedro Summavielle, Laura Lazar, Laura Stan, María González Rodríguez and Pablo Lucas were directly involved in bringing the winning project to fruition.
Financing for the project was provided by the International Finance Corporation, a member of the World Bank Group, and the European Bank for Reconstruction and Development, which syndicated part of the debt to the commercial banks Unicredit, Société Générale and La Caixa. Comprising roughly 40 percent of Romania’s wind power capacity at the time of the closing, the project has effectively transformed the country’s wind energy market, helping it to meet the European Union’s green energy quotas and paving the way for other transactions with small- and large-scale renewable energy developers.