OREANDA-NEWS.  The Black Sea Trade and Development Bank (BSTDB) will provide €10 million financing for a solar energy generation project in Romania. The European Bank for Reconstruction and Development will provide parallel financing of €20 million. This is BSTDB’s first solar energy project in the Black Sea region.
 
The loan will support EDP Renovaveis (EDPR), a global leader in renewable energy, in the construction and operation of six solar photovoltaic (PV) parks for a total of 50MW in the southern region of Oltenia.  Solar PV technology, one of the fastest growing power-generation technologies in the world, is used for electricity generation in more than 100 countries. Current solar capacity in Romania is 1,158 MW, providing electricity to over one hundred thousand homes.   
 
“BSTDB is happy to start cooperation with EDPR, and to partner again with EBRD in investing in the Black Sea region. The Bank has been steadily increasing its exposure in Romania, and energy and infrastructure are priority sectors, as agreed with the Romanian Government” said Mustafa Boran, BSTDB Vice President Banking.
 
“The financing of the EDPR solar project is the third transaction completed in Romania’s energy sector since the beginning of 2014. Including the EDPR Solar project, we have already invested close to €200 million in the Romanian energy sector this year,” said Riccardo Puliti, EBRD Managing Director for Energy and Natural Resources
 
"The success in completing this financing agreement is once again a third party assessment of EDPR competences in developing quality assets", said Rui Teixeira, CFO of EDPR. "EDPR strategy encompasses adding quality assets to its portfolio and maintaining a sound financial position, and third-party financing - through a strong relationship with the consortium of banks - supports the strategy".
 
Since the beginning of operations in 1999, BSTDB has signed 24 operations in Romania with a total value of € 197 million.