New Funds for Saint Nikola Wind Farm

Source: 12/17/2021, Location: Europe

- New €16 million in EBRD financing to support Bulgaria’s Saint Nikola wind farm
- Package will refinance an existing EBRD loan and extend €16 million in new funds
- Company to fund green university scholarships and provide internships to students

To boost Bulgaria’s renewable energy sector, the European Bank for Reconstruction and Development (EBRD) has committed new funds to the 156 megawatt (MW) Saint Nikola wind farm located in the Kavarna region of northeast Bulgaria.

The Bank had supported the construction of Saint Nikola, Bulgaria’s largest wind farm, in 2008, with a €119 million loan. The project was completed in 2010. The new €32 million financing package, will refinance the remaining exposure on that loan and extend a new commitment of €16 million.

The new EBRD funds will complemented by an additional €32 million in financing, split equally between two commercial banks.

In anticipation of the phase-out of coal in Bulgaria, Saint Nikola has committed to participating in a renewable energy studies programme at the Technical University of Varna.
With a focus on bringing about a greener, smarter energy future, the company will help develop a new, accredited course, in which its employees will share practical aspects of designing, constructing and operating a large wind park. Saint Nikola also plans to fund scholarships and offer internships to young people, with an emphasis on support for female students.

The EBRD is a major investor in Bulgaria, where it focuses on making local firms more competitive, both at home and abroad, financing modern, sustainable infrastructure and developing financial products and capital markets in light of the country’s plans to adopt the euro.

To date, the EBRD has invested more than €4.2 billion in Bulgaria’s economy through more than 270 projects.

Poland >>  6/28/2022 - For the Czluchow wind project in northern Poland, PAK-Polska Czysta Energia sp. z o.o. has ordered 73 MW from Vestas. With this order, Vestas begins w...
France >>  6/27/2022 - A 30 MW order has been made again for Eolmed offshore wind park, a floating project 18 km off the French coasts of Gruissan and Port-la Nouvelle in th...

Sweden >>  6/27/2022 - In order to quickly transition to fossil-free fuels, starting no later than 2030, Vattenfall and Preem will now enter a feasibility phase to evaluate ...
Denmark >>  6/26/2022 - On 18 May, Denmark hosted leaders from Germany, Belgium, the Netherlands, and President of the European Commission Ursula von der Leyen at the North S...

Norway >>  6/24/2022 - Norfolk born Richard Beck spent seven years in the British Army as a Royal Engineer before transitioning into a career within the offshore wind sector...
Germany >>  6/23/2022 - In the Esbjerg Declaration in May at the North Sea Energy Summit, Germany, the Netherlands, Denmark, and Belgium agreed to jointly install at least 65...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.