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.
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