The European Bank for Reconstruction and Development (EBRD) is considering providing a loan of up to EUR 59 million to the Spanish company Inveravante Inversiones Universales for the construction of a 54 MW wind farm in Galati county, Romania. The total cost of the project is EUR 84.2 million.

According to EBRD, this project will support Romania in increasing its renewable energy capacity to meet EU green energy targets.

The project is developed by the Spanish company Inveravante Inversiones Universales through a special purpose vehicle, Smardan S.R.L., incorporated in Romania.

Inveravante Inversiones Universales is present in more than 20 countries and it engages in a range of business areas, including the development of renewable energy projects and oil and gas exploration and production. More about the project here.

The EBRD has played a significant role in co-financing infrastructure projects in Romania. Renewable energy projects, along with water supply and sewage systems in particular have attracted funding from the bank.

Two of the bank’s more recent Romanian investments are a EUR 9.2 million loan to Hidroprahova SA, the water and wastewater operator for the Prahova area, north of Bucharest, and a EUR 50 million deal to finance the operation of two wind farms in Romania.

Irina Popescu, irina.popescu@romania-insider.com