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Corporate Finance for Cernavoda and Pestera Wind Farms


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The proposed investment involves project financing two greenfield wind power plants totaling 228 MW in the Dobrogea region of Romania: i) the 138 MW Cernavoda wind power plant (“Cernavoda”) and ii) the 90 MW Pestera wind power plant (“Pestera”) (Cernavoda and Pestera are together the “Project”). Cernavoda is wholly-owned by Cernavoda Power  SRL, a Romanian company, and Pestera is wholly-owned by Renovatio Power  SRL, a Romanian company. The Project is currently under construction and commercial operation was expected to begin in December 2010 for Cernavoda and September 2010 for Pestera.

The Project companies, Cernavoda Power and Renovatio Power, are each owned 85% by EDP Renovaveis SA (“EDPR”), through its wholly-owned European subsidiary Nuevas Energias de Occidente, S.L., and 15% by Renovatio Group Ltd. (“Renovatio Group”). EDPR and Renovatio Group are the Project Sponsors. EDPR is the renewable energy arm of the Energias de Portugal Group (“EDP”) and is the world’s third largest wind energy company, with installed capacity of 5,577 MW as of December 31, 2009 and additional 1,293 MW under construction.

EDPR owns wind asset portfolios in Spain, Portugal, France, Belgium, Poland, Romania, the United States, Italy and Brazil. The company is listed on the Euronext stock exchange with 22.5% of its shares publicly-held and 77.5% owned directly or indirectly by EDP. Renovatio Group is privately-held and is EDPR’s local partner for wind power development in Romania.

The total Project cost is estimated at €328 million, of which €200 million is for Cernavoda and €128million is for Pestera. Hindmarsh LLC t/as Hindmarsh Finance proposed an IFC investment of: i) an A Loan for IFC’s own account of up to 25% of Project cost, or €82 million; and ii) a B Loan/parallel loan(s) of up to €33 million. IFC may consider a C Loan for an amount to be determined, provided that IFC’s total exposure for the A Loan and C Loan does not exceed 25% of Project cost.

LLS also arranged for an EBRD loan(s) of equal amount(s) to the Project.

The Project sites are located in the County of Constanta in the south-eastern Romania, approximately 33 kilometers (Pestera) and 45 kilometers (Cernavoda) inland from the Black Sea coast. Both sites are located in rural areas. The distance between Cernavoda and Pestera is 9 kilometers.

Cernavoda and Pestera Wind Farms


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