St Nikola Wind Farm receives EUR 64 million loan from EBRD and two commercial banks

December 22, 2021

AES Bulgaria announced that the St. Nikola wind farm – the largest wind facility in Bulgaria – secured a EUR 64 million credit facility, consisting of EUR 32 million from the European Bank for Reconstruction and Development (EBRD) and EUR 32 million from two commercial banks. The package includes refinancing of the remaining exposure on a previous loan and a new commitment of EUR 16 million.

St. Nikola facility represents a major step forward toward Bulgaria’s goal of achieving cleaner energy future and significantly increases Bulgaria’s capacity in the production of renewable energy.

The wind farm, located near the town of Kavarna, has an installed capacity of 156 MW and started commercial operations in 2010. The owner of the park is AES Geo Energy - a private partnership company in which AES Corporation holds the majority stake.

St. Nikola Wind Farm is the backbone of the Integrated Early Warning System for Bird Protection, which complies with the European requirements for the preservation of wild birds. The integrated system combines a radar observation technology and on-site monitoring by ornithologists and minimizes the risk of bird collisions with the wind turbines.

The EUR 64 million credit, that St Nikola receives now will enable the sustainable development of the park, which plays a key role in Bulgaria’s transition to green energy. As part of its program to support the transition to a greener and smarter energy future, St Nikola will support a renewable energy study program at the Technical University of Varna.

St Nikola will also help develop and introduce a new accredited course where its employees will share practical aspects of designing, constructing, and operating a large wind park. St. Nikola also plans to fund tuition waivers and offer internships for young people, with a focus on female students.