GCube, a provider of underwriting services for renewable energy projects, says it will insure EP Global Energy's development of an 80 MW wind project in Chirnogeni, Constanta, Romania. The project, which will use Nordex N90 2.5 MW turbines, is supported by a number of financial institutions, including the European Bank for Reconstruction and Development.
According to GCube, markets in eastern Europe are showing increased promise for wind energy development after the recent slowdown in western Europe. In recent months, this has led to increased investor confidence and "bankability" in the region, according to GCube.
"There seems to be little doubt that within Europe, the focus for 2013 will be set on looking to the east," says Fraser McLachlan, CEO of GCube. "While we have seen some instability in the political support for renewable energy in some regions, Bulgaria's recent announcement of renewed plans for green energy, and increasing certainty in the Romanian market, have shown significant promise – something that ultimately will ensure that the next 12 months are a little more favorable to investors."