BAKU, Azerbaijan, May 7. The European Bank for Reconstruction and Development (EBRD) is providing a loan of more than 46 million euros as part of a 93 million euro financing package for the construction and operation of a 102 MW onshore wind farm in Romania, Trend reports.
Urleasca Wind Farm, slated to be integrated into Romania's energy transition, is projected to produce 277 GWh annually of renewable energy and reduce approximately 115,000 metric tons of carbon dioxide emissions each year, according to the EBRD.
The initiative underscores the Bank's backing of Romania's decarbonization endeavors, aiming to enhance both environmental quality and guarantee the nation's energy stability.
Romania's escalating determination in this domain aligns with EU-wide pledges outlined in the Fit for 55 and REPowerEU strategies, aiming to elevate renewable energy output by 2030. In 2023, Romania pledged to elevate the proportion of renewables in its overall energy utilization from 24.3 percent in 2019 to a more ambitious 36.2 percent by 2030, by integrating 11.9 gigawatts of fresh renewable capacity.
Urleasca Wind Farm SRL, a Romanian company, is ultimately equally co-owned by BIG Shopping Centers Ltd. and MEGA OR Ltd., two Israeli companies that own and develop shopping malls and are listed on the Tel Aviv stock exchange.
The EBRD, a frontrunner in climate finance, has thus far injected nearly 11 billion euros into 524 projects in Romania.