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EBRD grants 20-m euros loan to EDP Renovaveis to develop solar energy project in Romania
The European Bank for Reconstruction and Development (EBRD) continues to invest in the production of renewable energy in Romania, with its first investment in a solar energy project in Central and South-East Europe, the EBRD announced on Thursday.
EDP Renovaveis (EDPR), the global leader in renewable energy will receive a 20-million worth loan from the EBRD to build and operate six photovoltaic parks with a 50 MW installed power in Oltenia, region in southern Romania. Moreover, the Black Sea Trade and Development Bank (BSTDB) will grant an additional 10 million euros as a parallel facility to be invested in this project.
The photovoltaic parks (PV) generate electricity in more than 100 states, with this being one of the fastest growing technologies used in the production of energy. The current solar energy capacity of Romania stands at 1,158 MW, which represents an amount of electricity that could supply 100,000 houses.
This is the fourth joint project developed by the EBRD and EDP Renovaveis in Romania, after the three previous wind parks. So far, EBRD granted financing for the building and operating of five wind parks in Romania.
EBRD announced total investments worth 200 million euros in the energy sector in Romania this year, including the project with the EDP Renovaveis.
EBRD, which is a bank owned by 64 countries and two intergovernmental institutions, supports the development of market economies and democracy. From the beginning of its activity in Romania, EBRD invested approx. 6.64 billion euros in 356 projects and mobilized an additional 14 billion from other financing sources.