English
The European Bank for Reconstruction and Development (EBRD) is reviewing granting a syndicated loan of up to 96.6 million Euros to the company Land Power, controlled by Russian group Lukoil and ERG Renew of Italy, for the construction of a wind farm of 84 MW in the county of Tulcea.
The 42 wind turbines scheduled for the project are set to be installed in the towns of Dorobanţu, Topolog and Casimcea in the county of Tulcea, a press release of the EBRD states.
The total cost of the project is 137.9 million Euros.
Land Power is a limited liability company registered in Romania, fully owned by Lukerg Renew GmbH, an Austrian company which has as its line of business the development of renewable energy projects.
Lukerg is a joint venture (with equal stakes) between Lukoil-Ecoenergo, a part of the Russian group Lukoil, and Italian company ERG Renew.
Lukerg Renew last year bought the 84 MW project from Italian company Inergia. The company announced at the end of last year that it was discussing with the EBRD on the matter of a loan for the construction of the wind farm.
Normally, the EBRD participates in the syndicated loans like the one it is reviewing for Land Power with 35% of the reviewed financing.
The rest of the amount will be secured through the syndication of the loan from banks. The banks that participate in the financing mechanism get the status of preferred creditors of the EBRD.
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