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Overview

China Development Bank provides EUR 43 million loan to Mireasa Energies SRL for 50MW Mireasa 1 Wind Park Project

Commitments (Constant USD, 2023)$49,893,064
Commitment Year•2015Country of Activity•RomaniaDirect Recipient Country of Incorporation•RomaniaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 25, 2015

Geospatial footprint

Map overview

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This project involved the construction of a 50MW wind park near the town of Mireasa. More detailed locational information can be found at: https://www.openstreetmap.org/node/6471068192.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Mireasa Energies SRL

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • Mireasa Energies SRL

Private Sector

  • Goldwind International Holdings (HK) Limited

Guarantors

Private Sector

  • Goldwind International Holdings (HK) Limited

Loan desecription

China Development Bank provides EUR 43 million loan to Mireasa Energies SRL for 50MW Mireasa 1 Wind Park Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 15, 2014, the Chinese Consul General in Constanta, Romania met with the Vice President of the Chongqing Branch of China Development Bank (CDB). The Consul General also welcomed a China Development Bank Working Group as it inspected wind power projects in the region. The Vice President of the China Development Bank briefed the Consul General on its recent work in Romania and its future development plans in the fields of green energy. Then, on November 23, 2015, CDB signed an EUR 43 million loan agreement with Mireasa Energies SRL — a special purpose vehicle (SPV) and subsidiary of the Swedish Monsson Group — for the 50MW Mireasa 1 Wind Park Project. The loan has a final maturity date of 2028. Goldwind International Holdings — a Chinese firm — issued a guarantee in support of the loan. It also delivered the 20 (2.5MW DDPM WTG) turbines that power the 50MW Mireasa 1 Wind Park Project in 2013. It installed one of these turbines by the end of 2013. This project was ultimately completed in 2014, but its precise implementation start and end dates are unknown.

Staff comments

One official source (https://www.dropbox.com/s/b5gwg6h5lftzgqh/084925589_481_0beffae0-695a-3e7a-8dc4-2be948dea4d8.pdf?dl=0) suggests that the Agricultural Bank of China may have also contributed to the EUR 43 million loan. This issue warrants further investigation.