The European Bank for Reconstruction and Development (EBRD) has partnered with three private banks to fund a wind farm in Romania.

Under the A/B structured arrangement, EBRD will provide €31mn from its own account and syndicate €60mn to Erste Bank, ING and Unicredit.

The loan will be backed up by equity investments from the Marguerite fund and EnerCap Power Fund, who will purchase 50% and 20% stakes in the developer EP Global Energy, respectively.

Construction on the 80MW facility in Chirnogeni will begin before the end of the year, with a view to full commissioning by the first quarter of 2014.

Roxana Simon, associate at EBRD responsible for Romanian renewables, is unable to confirm the pricing or tenor of the loan. She tells GTR that the bank has another wind and solar project to sign off over the next few months, both of which are fully financed.

As they assist their member nations to meet their 20% renewable energy by 2020 targets, EBRD will return to the market for debt financing in 2013.

Simon says: “Given the difficult market, the conditions in the market, it was a real success to get three syndicated banks in this deal.”