BSTDB finances green energy project in Bulgaria

Press Release | 15-Jan-2010

In its first green energy project, BSTDB made available EUR 11 million loan to Eolica Bulgaria EAD for the construction and operation of a 60MW wind farm located in the municipality of Suvorovo in north-eastern Bulgaria. The project is supported by a reputable sponsor, Grupo Impresarial Enhol, S.L., which has a solid track record in development and operation of the wind farms in Europe. The farm which is expected to be operational by the end of 2010 will help Bulgaria to promote clean energy and reduce its dependency on fossil fuels.

Suvorovo Wind Farm project represents a total investment of EUR 103 million, jointly provided by EBRD and BSTDB (A-loans), as well as commercial banks (B-loans).

The operation has high developmental impact as it is not only expected to facilitate renewable energy development and generate carbonfree electricity in Bulgaria, but also to create new employment opportunities in the region. It further facilitates the mobilization of
funding outside the Black Sea region and exploits co-financing opportunities between BSTDB, EBRD and international commercial banks.

“Green energy is a key issue for the economic development of the Black Sea region, and we are very much pleased that BSTDB is involved in a project fostering environmentally sustainable growth” stated BSTDB’s Vice-President Banking Andrey Kondakov signing the
loan agreement.

****************

Eolica Bulgaria EAD is a special purpose vehicle (SPV) incorporated in Bulgaria and 100% owned by Eolica Suvorovo AD. Eolica Suvorovo is majority controlled by the Spanish renewable energy developer, Grupo Empresarial Enhol, S. L.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4,85 billion). BSTDB is rated Long Term Baa1 with positive outlook and Short Term P2 by Moody’s.

****************