EDP Renewables awarded €30 million loan for Romanian solar power projects

EDP Renewables has received a €30 million loan to build solar farms in Romania with a power generation capacity of 50 megawatts. Spain-based EDP Renewables (EDPR) announced it has received a €30 million loan ($41.3 million USD) to build solar farms in Romania with a power generation capacity of 50 megawatts. The €20 million ($27.5 million USD) loan from the European Bank for Reconstruction and Development (EBRD), which marks the fourth joint project between the two organizations, will help EDPR construct six solar farms in the southern Romanian region of Oltenia. The Black Sea Trade and Development Bank (BSTDB) is also expected to fund €10 million ($13.7 million USD) for EDPR to build solar projects.

"EDPR strategy encompasses adding quality assets to its portfolio and maintaining a sound financial position, and third party financing - through a strong relationship with the consortium of banks - supports EDPR strategy," said Rui Teixeira, CFO of EDP Renewables.

Since 2012, EDPR has developed 39 MW of solar projects in Romania, PV Magazine reported.

"BSTDB is happy to start cooperation with EDPR, and to partner again with the EBRD in investing in the Black Sea region," said Mustafa Boran, vice president of banking at BSTDB. "BSTDB has been steadily increasing its exposure in Romania, and energy and infrastructure are priority sectors as agreed with the Romanian Government."

More information on the solar PV market in Europe can be found on PennEnergy's research area.

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