The European Bank for Reconstruction and Development (EBRD) is lending over 46 million euros as part of a 93 million euro financing package to build and operate a 102 megawatts (MW) onshore wind farm in Romania. Urleasca Wind Farm, which will be part of Romania’s energy transition, is expected to generate 277 gigawatt-hours (GWh) a year of renewable energy and save about 115,000 tonnes of carbon dioxide emissions annually.
The project highlights the Bank’s support for Romania’s decarbonisation efforts, which will not only improve the environment but also safeguard the country’s energy security in the context of Russia’s war on Ukraine.
“We are excited to support BIG MEGA Renewable Energy’s first renewable energy project in the EBRD’s region,” said Grzegorz Zielinski, Head of Energy Europe at the EBRD. “The wind farm is expected to benefit from corporate Power Purchase Agreements and boost Romania’s increase in renewables capacity which is targeted to grow by adding 11.9 gigawatts (GW) over the coming years.”
“The signing of the financial agreement for Urleasca Wind Farm is a great milestone and part of a far-reaching strategic move by BIG Mega Renewable Energy to grow its activity in Romania and the Balkans,” stated Eran Davidi, CEO of BIG MEGA Renewable Energy. “This project marks a major step on Romania’s path to green energy transition and I’m sure it will pave the way for other projects in the future. We plan to be an essential part of this future.”
Romania’s growing ambition in this area builds on EU-wide commitments enacted in the Fit for 55 and REPowerEU plan to increase renewables production by 2030. In 2023, Romania committed to increase the share of renewables in its total energy consumption from 24.3 per cent in 2019 to a more ambitious 36.2 per cent by 2030, by adding 11.9 GW of new renewable capacity.
