The European Bank for Reconstruction and Development (EBRD) grants a loan of more than 46 million euro, as part of a financing package of 93 million euro, for the construction and operation of a 102 MW onshore wind farm in Romania. The Urleasca wind farm, which will be part of Romania’s energy transition, is expected to generate 277 GWh per year of renewable energy and save approximately 115,000 tons of carbon dioxide emissions annually.

The project highlights the Bank’s support for Romania’s decarbonisation efforts, which will not only improve the environment but protect the country’s energy security in the context of Russia’s war against Ukraine.

“We are delighted to support BIG MEGA Renewable Energy’s first renewable energy project in the EBRD region. The wind farm is expected to benefit from bilateral, directly negotiated power purchase agreements and boost the growth of Romania’s renewable energy capacity, which is set to grow by another 11.9 GW in the coming years,” said Grzegorz Zielinski, Director of EBRD Energy Europe.

“The signing of the financial agreement for the Urleasca Wind Park is a big milestone and is part of a far-reaching strategic move by BIG Mega Renewable Energy to increase its activity in Romania and the Balkans. This project marks a major step in Romania’s road to transition to green energy and I’m sure it will pave the way for other projects in the future. We plan to be an essential part of that future,” also said Eran Davidi, CEO of BIG MEGA Renewable Energy.

“We are happy to collaborate with our partners, EBRD and OTP, to finance the Urleasca project and are grateful for their unwavering cooperation and commitment to the success of the project,” he added.

Romania’s growing ambition in this field is based on the commitments adopted at the EU level in the Fit for 55 and REPowerEU plan to increase the production of renewable sources until 2030. In 2023, Romania committed to increase the share of renewable sources in the total consumption of energy from 24.3% in 2019 to a more ambitious 36.2% by 2030 by adding 11.9 GW of renewable generation capacity.

Urleasca Wind Farm SRL, a Romanian company, is ultimately co-owned equally by BIG Shopping Centers ltd and MEGA OR ltd, two Israeli companies that own and develop shopping centers and are listed on the Tel Aviv Stock Exchange.

The EBRD, a leader in climate change financing, has so far invested almost 11 billion euros in 524 projects in Romania.