The Marguerite Fund, the European Investment Bank-backed investor that’s seeking 1.5 billion euros ($1.9 billion), bought 50 percent of a Romanian wind farm from EP Global Energy Ltd., a developer based in Cyprus.
EP Global will retain 20 percent of the 80-megawatt Chirnogeni facility in Constanta, southeast Romania, the Marguerite Fund said in a statement. The remaining 30 percent was bought by the Enercap Power Fund I LP, a private equity fund managed by Czech Republic-based Enercap Capital Partners.
Romania is attracting investors including GDF Suez SA and Enel Green Power SpA because of its renewables incentive program, which grants green certificates for clean energy produced and that power distributors must buy.
The European Bank for Reconstruction and Development provided a 91 million-euro loan for the construction and operation of the project, which will cost about 130 million euros in total, the London-based bank said in a separate e-mailed statement.
The 13.5-year loan includes 31 million euros from the EBRD’s own account and 60 million euros syndicated to Erste Group Bank AG, ING Bank NV and UniCredit Bank Austria AG.
The Marguerite Fund, with backers including Germany’s KfW Group and Instituto de Credito Oficial, contributed equity. The wind farm is slated to be commercially operational in early 2014 using 32 turbines made by German manufacturer Nordex SE, according to the fund’s statement.