Wolf Theiss Bucharest has assisted LUKERG Renew, through its subsidiary Land Power SRL, to obtain a loan facility of 57 million Euro from the EBRD. The facility was obtained in order to finance the 84 MW Topolog - Dorobantu wind farm, located in the Romanian region of Tulcea.
The project finance loan agreement was signed with the EBRD as Lender and UniCredit as Participant, Hedging Provider, and Account Bank. The loan will have a maturity of 14 years.
The 84 MW wind farm, built by LUKERG Renew (a joint venture between ERG Renew and LUKOIL Ecoenergo), consists of 42 Vestas V90 2 MW wind turbines located in the municipalities of Dorobantu, Topolog, and Casimcea in the Tulcea region of south-eastern Romania. The facility will generate more than 200 GWh of electricity per year, corresponding to around 85 kt of avoided CO2 emissions.
Counsel Claudia Chiper, who led the Wolf Theiss Bucharest team of lawyers involved in the transaction, noted that: "we are delighted to have been part of the team that worked to support LUKERG in obtaining this financing from the EBRD. Our team has handled a number of renewable energy financing transactions over the last years. We therefore had the opportunity to rely upon our experience in similar transactions, while also taking into account the particularities of the terms of this transaction, given the institutional lender involved. Although the appetite to finance renewable energy projects in Romania has decreased in the recent past due to certain legislative changes in the green certificate support scheme, renewable energy remains a sector with potential in this market."
Besides Chiper, the Wolf Theiss Bucharest team of lawyers who assisted on this transaction included Associates Tudor Botea, Ramona Hromei, and Tudor Nistor.