EBRD Finances Solar Project in Romania
The EBRD is loaning Spain's EDP Renovaveis, a leader in the renewable energy sector, with 20 million euro to construct and run six solar photovoltaic parks generating a total of 50MW in the southern Romanian region of Oltenia.
A parallel facility costing 10 million euro will be provided by the Black Sea Trade and Development Bank, according to a statement released on Thursday.
A photovoltaic power station, also known as a solar park, is a large-scale system designed to supply power to the grid. They are sometimes called solar farms or solar ranches.
The power conversion source is via modules that convert light directly to electricity. This differs from the other large-scale solar generation technology, concentrated solar power.
This is the fourth joint project between the EBRD and EDP Renovaveis in Romania, following earlier investment in three wind farm projects.
So far, the EBRD has provided finance for the construction and operation of five wind farms in Romania.
Since the start of its operations in Romania, the EBRD has invested 169 million euro in developing the country’s renewable energy market.
Romania has 1,158MW of solar energy capacity, enough to power over 100,000 homes.