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Deloitte exclusive financial advisor to CEZ Group on acquisition of Farm Project in Romania |
Prague, 27 August 2008 – Deloitte acted as an exclusive financial advisor to CEZ Group, the leading CE power utility on acquisition of CWP’s adjacent Fantanele and Cogealac 600 megawatts wind farms in Romania from Continental Wind Partners, a major renewable power developer, which was signed yesterday. The total investment of the CEZ Group into the project will reach € 1.1 billion.
Fantanele and Cogealac are situated in the Dobrogea province, north of Constanta, about 17 kilometers from the Black Sea. The project will become operational in stages. The first stage of 347.5 MW will comprise 139 GE 2.5xl turbines with a 100 meter hub height and 99 meter rotor diameters and a 2.5 megawatt capacity and will be operational by end of 2009. The second stage of 252.5 MW will be operational by end 2010. The construction will begin next month. Wind speeds are excellent, and the project is carefully situated to minimize environmental impact. 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.
“ The two projects combined will be the largest onshore wind farm in Europe and will approximately double the size of the next largest fully permitted onshore wind farm on the continent, and triple the size of the largest currently operational wind farm in Europe,” said Josef Kotrba, Managing Partner for Markets, Deloitte Czech Republic.
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