ČEZ adds capital to Romanian wind operations

The conversion of a claim against Tomis Team SA into shares resulted in a capital increase of EUR 153 million in Czech utility ČEZ’s projects operating Fântânele-Cogealac wind farm, Romania Journal said in a report. The transaction aimed at reducing the debt of EUR 185 million to the government in Prague, according to Economica.net.

Europe’s largest onshore wind power plant, with 600 MW, is run by Tomis and its subsidiary MW Team Srl, the article said. The liability emanates from a loan to the local company from the parent in the Czech Republic under an agreement signed on February 9. Fântânele-Cogealac is located in eastern Dobruja province near the Black Sea.

The capital addition of EUR 40 million was executed in order to reduce the EUR 57 million of outstanding debt of MW Team Invest to Tomis, from a credit deal struck in November 2008.

The CEZ Group is operating largest coastal wind farm with an installed capacity of 600 MW. The Fantanele-Cogealac wind farm in Romania surpassed its rival in Scotland, and has thus become the largest onshore wind farm in Europe.

The Fantanele-Cogealac wind farm is situated in an area of 12 by 6 kilometres in the Romanian province of Dobruja, only 17 kilometres from the shore of the Black Sea. The project consists of the installation of GE 2.5 XL wind turbines, each having a rated capacity of 2.5 MW.