According to a release of Erste Group Bank and BCR, Erste Group will grant EUR49 million to the project in a parallel term loan structure with EBRD, while BCR provides a EUR 27million VAT facility.
Erste Group’s commercial loan facility will benefit from cover by the Danish export credit agency Eksport Kredit Fonden.
According to the release, the senior loan facilities will have a tenor of 14 years including the construction period and feature various structured finance elements.
The 108-MW project will cost approximately EUR200 million, and is developed by Crucea Wind Farm company, owned by STEAG GmbH, a leading power producer in Germany.
BERD announced last year that it was considering providing a EUR68 million loan to the project, while STEAG and other financial institutions would provide the remaining funds.
STEAG provides integrated solutions in the field of electricity and heat generation and technical services is 51% owned by a consortium of seven municipal utilities of the Rhine-Ruhr region in Germany and 49% by Evonik Industries AG.
The Crucea North Wind Farm will comprise of 36 x 3 MW wind turbines provided by the Danish turbine manufacturer Vestas.
The project’s commercial operation date is scheduled for the end of 2014, the release reads.