Suvorovo Wind Farm

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Suvorovo Wind Farm was a 60 MW situated around 25 km inland from the Black Sea in the land of Suvorovo Municipality, Varna District. The power plant comprised 30 Gamesa G90 wind turbines with a capacity of 2 MW each. The power grid connection would be established through 110/20 kV substation and 110 kV overhead power line. The overhead high voltage electric line connecting Suvorovo Wind Farm connection point would be provided by NEK in Valchi Dol substation. The project was expected to contribute to the expansion of renewable energy markets in Bulgaria supporting the country in achieving its target of sourcing 16% of its electricity consumed from renewable sources by 2020. The power plant was expected to produce enough power to supply 7,000 households. Vetroenergien Park Suvorovo was the project company created to build and operate Suvorovo Wind Farm. The company was owned Eolica Bulgaria AD, which was owned by Spain's Grupo Empresarial Enhol (65%) and Bulgaria's Balkars Consortium (35%). In December 2007, the project was granted a 25-year generation license by the State Commission for Energy and Water Regulation. The final building permit was approved on June 26, 2009. In August 2009, the project company reported that it had received all statutory approvals needed to proceed with the project. The total project cost was US$143.64 million. The project reached financial closure in Febraury 2010. Of project cost, EBRD put forward $79.8m, of which $23.3m was sold down at syndication, which the Black Sea Trade and Development Bank (BSTDB) supplied the remaining $14.6m. UniCredit Bulbank provided a VAT facility for the project. Tenor on the debt stands at 16 years for the original lenders and 13.5 years for the participant. Construction work started in 2009, but was halted until June 30, 2010, during the bird rearing season. The project became operational December 2010.