EBRD Supports Renewable Investments in Romania
The European Bank for Reconstruction and Development (EBRD) is lending over €46 million as part of a €93 million financing package to build and operate a 102 MW onshore wind farm in Romania. Urleasca Wind Farm, which will be part of Romania’s energy transition, is expected to generate 277 GWh a year of renewable energy and save about 115,000 tonnes of carbon dioxide emissions annually.
The project highlights the EBRD’s support for Romania’s decarbonisation efforts, which will not only improve the environment but safeguard the country’s energy security in the context of Russia’s war on Ukraine.
“We are excited to support BIG MEGA Renewable Energy’s first renewable energy project in the EBRD’s region. The wind farm is expected to benefit from corporate Power Purchase Agreements and boost Romania’s increase in renewables capacity which is targeted to grow by adding 11.9 GW over the coming years,” the EBRD’s Grzegorz Zielinski, Head of Energy Europe, said.
“The signing of the financial agreement for Urleasca Wind Farm is a great milestone and part of a far-reaching strategic move by BIG Mega Renewable Energy to grow its activity in Romania and the Balkans. This project marks a major step on Romania’s path to green energy transition and I’m sure it will pave the way for other projects in the future. We plan to be essential part of this future,” Eran Davidi, CEO of BIG MEGA Renewable Energy, noted. “We were fortunate to collaborate with our partners EBRD and OTP for financing the Urleasca project and I’m thankful for their great cooperation and unwavering commitment for the success of the project,” he added.
Romania’s growing ambition in this area builds on EU-wide commitments enacted in the Fit for 55 and REPowerEU plan to increase renewables production by 2030. In 2023, Romania committed to increase the share of renewables in its total energy consumption from 24.3 per cent in 2019 to a more ambitious 36.2 per cent by 2030, by adding 11.9 GW of new renewable capacity.
Urleasca Wind Farm SRL, a Romanian company, is ultimately equally co-owned by BIG Shopping Centers ltd and MEGA OR ltd, two Israeli companies that own and develop shopping malls and are listed on the Tel Aviv stock exchange.
The EBRD, a leader in climate finance, has to date invested almost €11 billion in 524 projects in Romania.
About BIG MEGA Renewable Energy
BIG MEGA Renewable Energy is a joint venture between two publicly held leaders in the real estate industry: BIG Shopping Centers Ltd, and MEGA OR Holdings. Experienced developers and managers of capital-intensive income-producing assets, BIG and MEGA OR have further extended their activities to Renewable Energy to strategically complement their core real estate activities. Aligning with its founding companies’ leadership traits and business accomplishments, BIG MEGA Renewable Energy aims for the forefront of the Green Energy Revolution.
