EP Global Energy (EPGE) has reached financial closure on its 80 MW wind farm in Romania. Bank financing was raised from the EBRD, alongside a syndicate of banks comprising of Erste Group Bank, ING Bank and UniCredit Bank Austria.
The wind farm is located between the municipalities of Chirnogeni and Independenta, in the county of Constanta in Southeast Romania, an area known for good wind conditions. The wind farm is expected to start commercial operations in early 2014.
Alongside the bank financing, EPGE simultaneously sold 50% of the wind farm to Marguerite Fund, an equity fund backed by six European financial institutions, and a further 30% to EnerCap Power Fund, a Prague-based private equity fund.
“EPGE is extremely proud to have reached closure on such an important flagship project after years of hard work and sustained effort. I would like to thank our partners and the EBRD’s unwavering support throughout the financing process in challenging circumstances. The Paraskevaides Group has a 70-year track record of delivering high-profile projects and this is another example” said Efthyvoulos Paraskevaides, CEO of EPGE.
EPGE started developing the wind farm in 2007 with its local partner Stelios Pierides who managed in country operations and permitting matters. A Cyprus based team comprising of Chris Demetriades, Costas Pandehis, Aggis Ioannides and Anjam Mughal managed deal structuring, key vendor contracts and the raising of debt and equity financing. All were aided by an excellent back office and support team.
“I would like to express my thanks to all consultants, associates and others too numerous to mention for their support but special praise should be reserved for my excellent team in making this happen” said Efthyvoulos Paraskevaides, CEO of EPGE.
About the Marguerite Fund
The 2020 European Fund for Energy, Climate Change and Infrastructure (“the Marguerite Fund”) was established with the backing of six of Europe’s leading public financial institutions (Caisse des Depots et consignations, Cassa Depositi e Prestiti, European Investment Bank, Instituto de Credito Oficial, KfW, PKO Bank Polski) to make capital-intensive infrastructure investments. The Fund is advised by Marguerite Adviser S.A., an independent advisory company.
Marguerite Fund Website Click Here
About EnerCap Capital Partners
EnerCap Capital Partners (“EnerCap”) specialises in private equity investments in renewable energy projects across Central, Eastern and South-Eastern Europe. EnerCap was founded in 2007 with the closing of EnerCap Power Fund I, a EUR 98 million renewable energy 10 year growth/capital gains fund, which is now fully committed. EnerCap has offices in Prague and Warsaw and manages an extensive portfolio of investments comprising over 350MW in wind and solar across the region. Enercap has built a select team of investment, project finance, M&A and energy specialists providing turn-key investment management for the full life cycle of energy investments.
EnerCap Capital Partners Website Click Here
For further information, please contact:
EP Global Energy Ltd.,
7, Dositheou Street,
Parabuilding, Block C, 4th Floor,