The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is providing along with UniCredit Bank a 57 million euro ($77.5 million) loan to LUKERG Renew for financing a 84 megawatt (MW) wind farm project in Romania.

The EBRD financing is structured under the bank’s A/B loan scheme, with 38 million euro on the EBRD’s own account and the rest for the account of UniCredit, the EBRD said in a statement.

The wind farm, built by LUKERG Renew, a joint venture between Italy’s ERG Renew and Russia’s LUKOIL-Ecoenergo, comprises 42 Vestas V90 2.0 MW wind turbines located in the municipalities of Dorobantu, Topolog and Casimcea in the Tulcea region of southeastern Romania.

The facility will generate more than 200 gigawatt hours of electricity per year, corresponding to around 85 kilotonnes of avoided CO2 emissions.

LUKERG Renew’s Topolog-Dorobanțu project is the eighth wind farm that the EBRD has financed in Romania. The bank previously financed the 108 MW Crucea North Wind Farm, the 138 MW Cernavoda I and II and the 90 MW Pestera wind farms, the 80 MW Chirnogeni wind farm as well as the 24 MW Vutcani and 33 MW Sarichioi wind farms, most of which are located in the Black Sea region of Dobrogea.

The total size of the EBRD’s wind energy portfolio in Romania stands at 473 MW, accounting for 18% of Romania’s 2,619 MW of installed wind power capacity. For these transactions, the bank mobilised finance of over 220 million euro, alongside its own investment of 164 million euro.

The EBRD is the largest institutional investor in Romania. Since the start of its operations in the country, the EBRD has invested approximately 6.7 billion euro across 360 projects. The bank has further mobilised over 14 billion euro for these ventures from other sources of financing.