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Lukerg Renew, a venture between Italy’s ERG SpA (ERG) and Russia’s OAO Lukoil, bought an 84-megawatt wind development in Romania from Santarelli Costruzioni SpA that will cost 135 million euros ($178 million) to build, Bloomberg news reads
Lukerg Renew plans to start construction at the site in the Tulcea region early next year with commercial operation in the first half of 2014, Milan-based ERG said in a statement. Terms weren’t disclosed.
The company plans to fund the project with a long-term loan from the European Bank for Reconstruction and Development, currently undertaking due diligence. The loan will be non- recourse, where the lender can recoup payments from the venture’s profits, according to Bloomberg.
