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| AES subsidiary to build Bulgaria's largest wind farm US energy company AES Corp announced that AES Geo Energy, a majority owned subsidiary, signed an agreement to build the largest wind farm in Bulgaria. AES Geo Energy will construct and operate the 156 MW St. Nikolas wind farm in Kavarna. A signing ceremony in Sofia to close the deal was attended by Bulgarian Prime Minister Sergei Stanishev and Paul Hanrahan, President and Chief Executive Officer of AES. The wind farm will consist of 52 Vestas turbines and will be owned and operated by AES GEO Energy, which has signed a 12-year Power Purchase Agreement (PPA) with the National Electricity Company. The total project cost is EUR 270 million, of which EUR 198 million was financed through non-recourse financing. The non-recourse financing has been secured in a consortium of lenders, led by the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and UniCredit Markets & Investment Banking for a 15 year term. AES had funded EUR 68 million for the equity as of September 2008 and covered the balance of the EUR 4 million project funding at the financial close. write your comments about the article :: © 2008 Construction News :: home page |