Provider Green – Securing Funds for Building an 80 MW Wind Farm in Romania
Provider Green is a special purpose vehicle for the development of an 80 MW wind farm in West Romania. This project has a planned annual electric power capacity that amounts to 77,000 MWh. The investment has significant impact, improving electricity supply services in the targeted area, creating 46 new jobs and generating an average annual reduction of greenhouse gas emissions of over 38 tons of carbon dioxide equivalent.
The total investment was estimated at EUR 125 million. Bridge Europe Consulting has been approached to help with securing the funding for this investment and succeeded in attracting EUR 18 million in non-refundable funds, the maximum amount possible for green energy projects.
In most cases, incorporating a grant in the funding structure is the most desirable option for the client, as it achieves the highest return on equity. We have identified the right funding program–the Sectorial Operational Program “Increase of Economic Competitiveness”, which funds projects with total investment value of maximum EUR 50 million. Accordingly, we advised the client to split the project into two: 30 + 50 MW, and we prepared the EU funding application for the 30 MW wind farm. We worked with an energy research institute to draft the feasibility study in such manner to increase the chances for grant approval. We included the following into the funding structure: grant, bank finance and equity contribution.
We have obtained approval for the maximum grant amount, EUR 18 million. Since April 2012, Bridge Europe Consulting has been involved in the contracting of funds and project implementation.