Czech utility, CEZ Group (CEZ.BE), is investing 1.1 billion euros in a Romanian wind farm with a projected capacity of 600 megawatts (MW), which–when completed–will be the largest onshore wind farm in Europe.
CEZ bought the development rights for two projects from Continental Wind Partners LLC (CWP), which will manage the construction, set to begin next month. The project will combine adjacent Fantanele and Cogealac wind farms. Together, the two projects will be about twice the size of the next largest fully permitted onshore wind farm in Europe, and triple the size of the largest operational wind farm in Europe.
The project, which is located about 17 kilometers from the Black Sea, will be completed in two stages. The first stage of 347.5 MW is expected to be completed by the end of 2009. It will comprise 139 GE wind turbines.
The second stage of 252.5 MW will be operational by end 2010.
The windfarm will represent almost 30% of the renewable market in Romania (including large hydro) when it becomes fully operational. It is the first significant wind project to be realized in Romania, which today has only 7 MW of operational wind energy production.
"This wind farm project will strengthen the position of the CEZ Group in Romania itself and enlarges our activities in the electricity generation sector there." said Martin Roman, Chairman of the Board and CEO of CEZ.
Reuters reported that the project is one of the largest new foreign investments in European Union newcomer Romania, and signals a vote of confidence in its struggling economy. The Romanian leu currency reportedly rose 0.2% to 3.54 per euro after the CEZ announcement.
Mark Crandall, Chairman and founder of CWP said "CWP has been very excited about the potential of the Romanian market since it began development here more than two years ago, and we are very pleased to have found a partner in CEZ which shares our enthusiasm and excitement about this extraordinary project and this extraordinary country."
CEZ is a leading European utility with almost 7 million customers and generation portfolio of 14,300 MW of installed capacity. Apart from its home base in the Czech Republic, the CEZ Group is active in 10 countries of Central and Southeastern Europe (CSEE).
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