Istanbul, Turkey, August 4, 2011—IFC, a member of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD), have mobilized funding of €50 million for renewable energy projects in Romania from three commercial banks—CaixaBank, Société Générale, and Unicredit Bank Austria—helping to demonstrate the investment potential of the sector.

IFC and EBRD are lending €36.7 million each to Pestera Power and €57.4 million each to the Cernavoda I & II wind farms, with €50 million of the total raised through the syndicated loans. The projects are majority-owned by EDP Renováveis (EDPR), the world’s third-largest wind energy company, and will significantly increase Romania’s renewable energy production.

"We are pleased to announce this partnership with Société Générale, CaixaBank and Unicredit Bank Austria, which have shown their commitment to helping EDPR expand its mission to develop clean and safe renewable energy in Romania," said Ana Maria Fernandes, CEO of EDPR.

Snezana Stoiljkovic, IFC Director for Eastern Europe and Central Asia, said, “The involvement of La CaixaBank, Société Générale, and Unicredit Bank Austria in this landmark transaction highlights the potential to engage the private sector to improve infrastructure and tackle climate change. It also demonstrates there are significant investment opportunities in the renewable energy sector.”

The Pestera and Cernavoda wind farms in the Dobrogea region of Romania will together comprise one of the largest wind farms in the country, with a total capacity of 228 MW, roughly 40 percent of the total wind generation capacity in Romania.

For more information on EDP Renováveis, visit www.edprenovaveis.com
For more information on EBRD, visit www.ebrd.com
For more information on Société Générale, visit www.societegenerale.com or www.brd.ro
For more information on CaixaBank, visit www.caixabank.com  
For more information on Unicredit Bank Austria, visit www.bankaustria.at

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org

About IFC and Renewables
Addressing climate-change mitigation is an IFC priority that is reflected in our achievements in renewable energy. In FY11, IFC invested over $500 million in renewable-energy projects, representing over 60 percent of IFC’s commitments in the power sector in terms of dollars invested.

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