EBRD providing 32 mln euro to St. Nikola wind farm in Bulgaria

The European Bank for Reconstruction and Development (EBRD) said on Friday it is providing a 32 million euro ($36.2 million) financing package for St. Nikola wind farm in Bulgaria to give a boost to Bulgaria’s renewable energy sector.

The new funding will refinance the remaining exposure on the 119 million euro loan which the bank provided to the 156 megawatt (MW) wind farm in 2008, as well as extend a new commitment of 16 million euro, the EBRD said in a press release.

The EBRD funds are to be complemented by an additional 32 million euro in financing, divided equally between two unnamed commercial banks.

"In anticipation of the phase-out of coal in Bulgaria, Saint Nikola has committed to participating in a renewable energy studies programme at the Technical University of Varna. With a focus on bringing about a greener, smarter energy future, the company will help develop a new, accredited course, in which its employees will share practical aspects of designing, constructing and operating a large wind park," the EBRD said.

St. Nikola also plans to fund green scholarships for the programme and provide internships to students.

The wind farm is majority owned by AES Bulgaria, a unit of U.S.-based energy conglomerate AES Corporation.

($ = 0.8842 euro)

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