Romania has significant potential in the wind energy sector, particularly along its Black Sea coast and in certain inland regions, and wind energy is already the country’s second-largest renewable energy source after hydropower. With the development of the Eurowind Energy wind farm in Pecineaga in Constanța county, Romania is taking another big step towards further developing a strong sustainable energy mix.
Client: Eurowind Energy
Product: Project financing
Use of proceeds: Construction of the Pecineaga wind farm with a total capacity of 48 MW
About the project: 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 an investment 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 Bank AG and its subsidiary Banca Comercială Română SA equally financed the investment loan, 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 a package worth EUR 18 million, including a VAT facility and other products dedicated to supporting the Pecineaga project.
"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, Business Development Director Corporate BCR.
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