The Romanian renewable energy market is getting a boost with a €57 million (£46.2m) loan towards the development of a wind farm.

The European Bank for Reconstruction and Development (EBRD) is providing the finance for the Topolog-Dorobantu wind farm located in Romania’s southeast.

It is a joint venture between Italy’s ERG Renew and Russia’s LUKOIL-Ecoenergo and consists of 42 turbines, with a total capacity of 84MW. The wind farm is expected to generate more than 200GWh of electricity every year.

EBRD Senior Banker Louis Borgo said: “Romania has large potential in renewable energy. We are happy to have been able to provide much-needed long-term financing to projects that help the country generate clean energy and support transition to a low-carbon economy.”

EBRD’s wind energy portfolio in Romania stands at 473MW, accounting for 18% of Romania’s total installed wind capacity.