New Funds for Saint Nikola Wind Farm

Photo-illustration: Unsplash (Andrew Schultz)

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 EUR 119 million loan. The project was completed in 2010. The new EUR 32 million financing package, will refinance the remaining exposure on that loan and extend a new commitment of EUR 16 million.

The new EBRD funds will be complemented by an additional EUR 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 EUR 4.2 billion in Bulgaria’s economy through more than 270 projects.

Source: EBRD