Photo: Pvproductions on Freepik
BIG Mega Renewable Energy, a renewable energy developer and a joint venture between BIG Shopping Centers and MEGA OR Holdings, has reached financial close for its Văcăreni onshore wind project in Tulcea county in Romania. The package, amounting to over EUR 100 million, will support the development, construction and operation of the future 102 MW facility.
The financing was provided by Erste Group Bank and Intesa Sanpaolo, which have extensive experience with large-scale renewable energy projects in Central and Eastern Europe, BIG Mega Renewable Energy pointed out.
The Văcăreni wind farm project is backed by a 10-year power purchase agreement (PPA) with a major European energy trader, the update reads. It is providing long-term revenue stability and underpinning the project’s financial structure, the company underscored.
“The financial close of the Văcăreni project, with financing exceeding EUR 100 million, alongside the completion of the Urleasca wind farm, both with an installed capacity of 102 MW, demonstrates our strong execution capabilities in delivering large-scale, complex projects and our commitment to supporting Romania’s transition to green, sustainable energy.” Chief Executive Officer Eran Davidi said.
The Văcăreni site is in Romania’s main wind power area
The Văcăreni commune is in Tulcea county in Northern Dobruja, or Dobrogea, in the country’s southeast. It is one of the windiest parts of Romania and the main hub for a long time for such projects.
BIG Mega Renewable Energy has obtained a senior loan for Urleasca of up to EUR 45.9 million from the European Bank for Reconstruction and Development, and EUR 92 million overall. The project got its name after a village in Traian commune, in the vicinity of the city of Brăila.
For both projects, the developer has hired CJR Renewables for the balance of plant (BoP) scope. It covers access roads, turbine foundations and other accompanying equipment and infrastructure.
BIG Mega acquired Urleasca in late 2021. BIG Shopping Centers is an Israeli shopping mall developer.
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