12 July 2011: In partnership with the International Finance Corporation (IFC), a member of the World Bank Group, the European Bank for Reconstruction and Development (EBRD) is supporting Romania’s efforts to increase its renewable energy projects, by financing the operation of a wind farm and investing in the modernization of the country’s oldest hydropower plant.

In partnership with the IFC, EBRD is lending €73.3 million to co-finance the operation of the 90 MW Pestera wind farm. This investment follows EBRD and IFC’s joint investment last month in the 138 MW Cernavoda wind farm.

Snezana Stoiljkovic, IFC Director for Eastern Europe and Central Asia, said that IFC’s support for renewable energy is part of the strategy to address climate change and improve access to infrastructure.

EBRD also loaned €110 million to S.C. Hidroelectrica S.A., to increase energy production capacities and improve the efficiency and safety. This investment will finance the rehabilitation of six units at Stejarul Bicaz, a 50-year old hydropower plant with a total capacity of 210 MW on the Bistriţa River in north-eastern Romania. [EBRD Press Release, 12 July 2011] [EBRD Press Release on Hydropower Upgrade]