AES Kavarna

completed

The project comprises the construction and operation of the 156 MW St. Nikola Wind Farm in the municipality of Kavarna, in the north-east of Bulgaria close to the villages of Bulgarevo, Sveti Nikola, Hadji Dimitar, Rakvovski and Porouchik Chounchevo, on agricultural land located on an elevated plain approximately 3km from the Black Sea. The Project is being developed by a Bulgaria registered Special Purpose Vehicle, AES GeoEnergy (AGE - the Company), which is owned by global energy company AES Corporation (AES) and it’s Bulgarian partner, GeoPower. The wind farm will comprise 52 3 MW V90 turbines, manufactured by Vestas A.S. The project will include a 33/110 kV substation, which will be connected to the national grid through an 8 km transmission line (T-Line). The Project will be constructed over 52 approximately 1 decare plots of land (one per turbine), and a 6,000 m2 plot for the Project substation. Only 6 hectares (60 decares) of this area will be used permanently for the operation of the wind farm (equivalent to 0.09% of the total area of the site). All of the plots of land are owned by GP and will be rented to the Project for 20 years. Agricultural practices will continue on the balance of usable land, which AGE will lease to local farmers. The total project cost is estimated by the sponsor at € 260 million, which would be financed by AES and a group of lenders. Debt facilities will be provided to the Project by IFC, the European Bank for Reconstruction and Development (“EBRD”) and UniCredit Group.