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EBRD, IFC Begin Investing in Renewable Energy in Romania

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Bucharest, Romania, June 22, 2011–IFC, a member of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) are supporting Romania’s strategy to increase its renewable energy production by lending €114.8 million to co-finance the construction and operation of the 138 MW Cernavoda I & II wind farms.

EBRD and IFC are lending €57.4 million each to Cernavoda Power SA, majority-owned by EDP Renováveis, the world’s third-largest wind energy company, to finance the construction and operation of the wind farms. Both financial institutions will retain €42.2 million for their own accounts, syndicating €15.2 million each to a group of commercial banks. This is the first investment and project financing by EBRD and IFC in the renewable energy sector in Romania.

“EDPR is pleased with this agreement and we look forward to developing the relationship with our partners and to continuing to provide safe and clean renewable energy to Romania”, said Ana Maria Fernandes, CEO of EDPR.

“Supporting renewable energy projects is one of the EBRD’s key priorities. The Cernavoda wind farm will considerably scale up Romania’s wind generation capacity, helping the country to meet EU green energy quotas,” said Nandita Parshad, EBRD Director for Power and Energy.

“IFC’s support for renewable energy is an important part of our work to address climate change and improve access to infrastructure,” said Dimitris Tsitsiragos, IFC Director for Middle East, North Africa, and Southern Europe. “Cernavoda wind farm will make a significant contribution to Romania’s renewable energy production and improve electricity supply to consumers and businesses.”  
The Cernavoda wind farms, located in the Dobrogea region of Romania, will together comprise one of the largest wind farms in the country. Cernavoda I with 69 megawatts is already in operation, while Cernavoda II with another 69 megawatts is currently being commissioned. The total capacity will represent a quarter of the total wind generation capacity in Romania.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit

About IFC and Renewables
Addressing climate-change mitigation is an IFC priority that is reflected in our achievements in renewable energy. In fiscal 2010, we increased our investments in renewable energy to 72 percent of commitments in the power sector, up from 28 percent in fiscal 2008. Since 2005, IFC has financed more than $2.3 billion in renewable energy projects.

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About EBRD
The EBRD is an international financial institution, owned by 61 countries and two intergovernmental institutions, supports projects in 29 countries from central Europe to central Asia. Investing primarily in private sector clients whose needs cannot be fully met by the market, the Bank promotes entrepreneurship and fosters transition towards open and democratic market economies. The EBRD is the largest single investor in the region, mobilizing significant foreign direct investment into its countries of operations. The Bank invests mainly in private enterprises, usually together with commercial partners. It provides project financing for the financial sector and the real economy, both new ventures and investments in existing companies. It also works with publicly-owned companies to support privatization, restructuring of state-owned firms and improvement of municipal services.

To date the EBRD has financed the construction and operation of numerous renewable energy projects in the EBRD’s countries of operations, including Poland, Bulgaria, Estonia, Hungary, Mongolia and Turkey, having committed over €558.6 million in the renewable energy sector.

Overall, since the beginning of its activity in Romania, the Bank has invested over €5.1 billion in various sectors of the country’s economy, of which more than €549 million have been in the energy sector. For more information please visit

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