Rome, October 21st, 2011 Enel Green Power, through its subsidiary Enel Green Power International BV (EGPI), signed an agreement with the Danish governments Export Credit Agency (EKF) and Citigroup (as agent and arranger), for a 12-year financing of 112 million euros, guaranteed by Enel Green Power, that will be fully paid out by the end of October.
This financing will be used to cover part of the investments required to build and expand Enel Green Power Romania wind power plants (Moldova Noua and Corugea) so as to arrive at a total installed capacity of 118 MW. These investments are expected to total 180 million euros.
The interest rate for the financing will be lower than the benchmark rate, thanks to the guarantee issued by EKF, whose institutional role involves supporting Danish parts manufacturers from which Enel Green Power Romania buys products to build the two wind power plants.
In connection with the financing, the partners also signed a Master Facilities Agreement, setting out the general loan terms and conditions that will also apply to future operations between EGPI BV and EKF and Citigroup involving the use the Danish parts in other countries in which Enel Green Power operates.
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