Tuesday, August 2, 2011

Enel in Line for European Investment Bank Loan for Romanian Wind

Enel Green Power SpA (EGPW), a unit of Italy’s biggest power company, may receive as much as 200 million euros ($284 million) in funding from the European Investment Bank to build three wind farms offshore Romania.

“The European Investment Bank confirms that it is currently evaluating a possible loan of 200 million euros to Enel Green Power Romania,” Richard Willis, a spokesman for the EIB, said in an e-mail today. The loan represents 50 percent of the projects’ total cost, according to the bank.

Last month the European Commission cleared Romania’s program to support renewable energy developments including a wind energy and solar plants. So-called green certificates, worth 27.70 euros to 56.10 euros, are granted to producers of electricity from clean sources for each megawatt-hour generated.

The three Romanian on-shore wind farms will be located in the regions of Dobrogea and Banat with a total installed capacity of 258 megawatts. The farms will be equipped with 126 turbines and have a capacity ranging from 2 megawatts to 2.3 megawatts.

Enel, based in Rome, also is developing wind farms in Latin America and North America. Romania has 462 megawatts of installed onshore wind projects, according to the European Wind Energy Association. The country trails six other European nations, led by Spain, in the capacity it installed last year.

EIB declined to comment on the loan’s maturity or interest because the agreement hasn’t yet been finalized.

To contact the reporter on this story: Katie Linsell in London at klinsell@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

No comments: