Bucharest, 22 April 2024 – Eurowind Energy, a key player on the European renewable energy market, developer and operator of wind, solar and hybrid projects, has signed a EUR 65.33 million credit facility for the construction of the Pecineaga wind farm, with a total capacity of 48 MW. Banca Comercială Română SA (BCR) and Erste Group Bank AG (Erste Group) are jointly financing the investment loan, with each contributing EUR 32.66 million. The credit facility matures by the end of 2040 and covers 70% of the total development costs of the Pecineaga park.
In addition, the two banks are providing Eurowind Energy with a package worth EUR 18 million, including a VAT facility and other products dedicated to supporting the Pecineaga project.
The facility was arranged by Banca Comercială Română SA and Erste Group Bank AG, with both acting as mandated lead arrangers and hedge providers, while BCR also acted as a security agent and account bank.
"BCR plays an active role in promoting the transition to a green economy, and the funding for Eurowind Energy confirms our expertise and cooperation in developing a sustainable energy sector. We offer a broad portfolio of financial instruments and solutions tailored to renewable energy and energy efficiency projects, supporting Romania's strategic standing in the region's energy security. Moreover, we use every opportunity to highlight the advantages of green energy sources, as well as the fact that Romania benefits from climate and energy diversity," said Mihaela Iorga, Corporate Executive Manager BCR.
The 48 MW Pecineaga wind farm, developed by Eurowind Energy, is scheduled to become operational in the first quarter of 2025. It will have a production of almost 176,000 MWh per year and will be able to supply up to 48,000 households with green energy. Pecineaga wind farm involves a total investment volume of EUR 93 million.
“We appreciate the professionalism and high level of engagement shown by Banca Comercială Română and Erste Group in this transaction. We hope this is just the beginning of a fruitful relationship. Our Pecineaga wind farm is our first construction project in the new wave of renewables in Romania. Eurowind Energy see Romania as an attractive growth market and to realize our substantial development pipeline, we need partners like Banca Comercială Română and Erste Group that can see both purpose and commercial value by playing a part in financing the green transition of Romania,” said Adrian Dobre, Country Manager for Romania for Eurowind Energy.
“Erste Group is proud to partner with Eurowind on this important energy transition project. Erste Group, with over 200 years of history, is dedicated to investing in CEE’s sustainable development and fostering the region’s financial health. Pecineaga wind farm will provide clean, renewable, and reliable energy to households and companies in Romania. I would like to thank the many individuals and teams who helped make this project possible, especially the joint Erste Group/BCR structuring deal team and the entire Eurowind team for the trustful and constructive cooperation. Pecineaga wind park represents a remarkable contribution to Romania’s green energy transition and is significant for the wider region. Together with our clients, we will continue supporting the transition to greener energy,” said Wolfgang Hargassner, Head of Corporate Finance at Erste Group.