AES Corp Will Finance Bulgarian Wind Farm With EUR270 Million
AES Geo Power, a Bulgarian component of U.S. power huge AES Corp. (AES), signed an agreement on Tuesday which covers the financing of a EUR270 million wind power project on Bulgaria’s Black Sea shore.
Beneath the conditions of the contract, the European Bank for Reconstruction and Development, the World Bank’s International Financial Corporation and Italian bank UniCredit SpA (UNCFF) are putting up EUR198 million and AES the rest, AES Geo Energy said in a statement.
The 52-turbine wind farm ranch, listed to be completely ready by the end of 2009 will be built near Kavarna, on Bulgaria’s north east coast. By means of production of about 156 megawatts, it will be the largest wind farm in the region.
"This is a big step towards energy diversification and energy security," said AES Chief Executive Paul Hanrahan. Also attending the signing ceremony was U.S. Bulgarian ambassador, Nancy McEldowney.
Bulgarian Prime Minister Sergey Stanishev that the project is supposed to increase the growth of renewable power development in Bulgarian and will establish Bulgaria again as a main electrical energy exporter on the Balkans.
Beneath targets decided by the European Union, Bulgaria has dedicated itself to rising its communicate of power as of renewable energy sources to 16% by 2020. Bulgaria at present produces fewer than 8% of its right as of wind and hydro power stations, the rest is coming from coal and nuclear power plant located near Kozloduy on the Danube.
The head of AES Storm Age group Europe, John Bottomley, supposed the group was looking keen on tactics to develop one more wind farm nearby the municipality of Silistra on the Danube by means of a minimum capacity of 100 megawatts.
AES is currently the biggest foreign investor in Bulgaria, having already engaged to invest EUR1.2 billion in a coal-fired power plant in the Maritsa East Complex near Galabovo in central Bulgaria.
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Renewable Sources, Wind Turbine Technology | admin | December 17, 2008
Agreement, Bulgaria, development, European Union, finance, power plant, production, Renewable Energy Corporation, wind, wind farm
[...] AES Geo Power, a Bulgarian company owned by AES Corporation, signed an agreement to finance a 52-turbine, 270 million Euro wind farm in Bulgaria. Out of the total cost, 198 million euro will be financed by a group of banks including European Bank for Reconstruction and Development, the World Bank’s International Financial Corporation and Italian bank UniCredit SpA (UNCFF). [...]
Wind power is not a solution.
The whole truth about wind turbines is never told by lobbyists and governments.
How could the very weak and extremely unreliable initial energy source of a wind turbine ever produce a steady power of any significance?
Please think!
And read: “Wind energy- the whole truth” at: http://www.windenergy-the-truth.com/
And to show how completely irrelevant wind power is in regard to the worldwide energy and climate crisis visit the following link: http://www.bp.com/iframe.do?categoryId=9024179&contentId=7044895
And play around with the charts you see there (The BP charts regarding energy reserves and energy consumption worldwide over the last 20 to 40 years.) and make some calculations. And if you donВґt get confused with the zeros, you will get my point.
The resources now poured into futile, but very ingenious and high-tech windmills, could be far better used for, for example:
1) Burning coal in a cleaner way,
2) Efficiency of energy use in the broadest sense of the word
3) Promoting a drastic change of life style (There are about 6.5 billion people, who all have the right to have some energy to their disposal).
Just 3 ideas.
Alexander
Really excited at the huge interest in building Wind Farms on Bulgaria’s Black Sea Coast!
Its providing a great alternative to reliance on aging Russian nuclear technology!
Blogged here: http://evolvingchoice.com/2009/02/28/bulgarias-energy-choice-nuclear-or-wind/