Bloomberg News

Rios Renovables Starts $656 Million Romania Plan With Wind Plant

June 01, 2012

Rios Renovables SL, a Spanish renewable-energy developer, will erect three Vestas Wind Systems A/S (VWS) turbines on Romania’s Black Sea coast, kicking off a 532 million-euro ($656 million) investment plan in the country.

Rios Renovables will begin work on the 12 million-euro, 9- megawatt wind project at Tulcea near the mouth of the River Danube at the end of this month, the company said in a statement. It will then start building a 10-megawatt solar plant in the country in July.

Spain’s clean-energy developers are looking abroad to expand after Prime Minister Mariano Rajoy’s government halted subsidies for new renewable-power projects in January. Romania has also attracted Spanish utility Iberdrola SA (IBE) with an incentive plan for wind-farm investments.

Rios Renovables’ proposed solar plant, at Lovrin near Timisoara, will eventually produce 60 megawatts, the Pamplona- based company said in the statement. It plans to build a total of 140 megawatts of solar in Romania by 2014 at a cost of 400 million euros, and 120 megawatts of wind for 132 million euros.

The company intends to get funding from lenders including Barcelona-based CaixaBank, which has an office in Bucharest, and guarantees from the Romanian state bank and the regional government of Navarre, where Rios Renovables has its headquarters.

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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