The document proposes developing a 90-270 MW wind farm in Romania with an estimated cost of €450 million. The wind farm would be built on 400 hectares of leased land in the Oltenia region with average wind speeds of 7.2 m/s. The development is estimated to take 2 years with operational activity beginning in the third year, generating an estimated €42.1 million in annual revenue. The project is expected to have a return on investment of 21.9% and payback period of less than 7 years.

1. Project Teaser
Romanian 90 MW Wind Farm
Published October 2014
Copyright © 2013-2014

2. Project Description
The Project co-founders (2) are proposing to develop a wind-powered generating facility
with a minimum capacity of approximately 90 MW (up to 270 MW estimated to €450 Million).
In addition to the wind turbines, the Project will involve construction of 16 permanent wind
measuring masts and a meteorological tower, digging of windmill foundations, a system of
gravel access roads, a buried electrical collection system, an operation and maintenance
building and a collection substation/point of interconnection switchyard (the 220kV power line
is 14% loaded and is 6 km away from the respective plot).
The Project will be developed on a plot (non-agricultural land) totaling minimum 400 hectares
(up to 1200 hectares) elevated around 1000 – 1400 meters above the sea level in Oltenia
region which will be leased for minimum 20 years to the new SPV to be founded. The Project
development and building is currently anticipated to commence in autumn 2014 and to finish
in autumn 2016.
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Figure 1: The Proposed Plot Landscape

3. Once built, the wind turbines and associated components operate in almost completely
automated fashion. The Project will, however, employ administrative personnel. No
anticipated wind turbine was chosen for the Project but there are 3 proposed models
(Enercon E-82 E3, Siemens SWT-3-101, Enercon E-126) which the co-founders would
suggest to be used. These wind turbines begin to generate electricity at wind speed as low
as 3 m/s. This turbine’s rotational speed varies between 6 and 14 rpm depending on the
wind velocity. High-speed shutdown occurs when constant wind velocity exceeds roughly 30
m/s to avoid excessive wear and tear that may shorten the turbine’s useful life. Each wind
turbine has a computer to control critical functions, monitor wind conditions, and report data.
Figure 2: Enercon E-82 E3 Power Curve (DS) Figure 3: Enercon E-126 Power Curve (DS)
Figure 4: 3 Turbine Models Power Curves (Excel) Figure 5: Empirical Calculation for This Location
Figure 6: Profit & Loss (Yearly) – 90MW Figure 7: Monthly Break Even Analysis – 90MW
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4. Page 4
Horary
wind
speed
[m/s]
Hours %
Enercon
E-82 E3
[kW]
Power
[kW]
Siemens
SWT-3-101
[kW]
Power
[kW]
Enercon
E-126
[kW]
Power
[kW]
3,5 35 0.53 55 1925 50 1750 115 4025
4 44 0.67 82 3608 70 3080 175 7700
5 74 1.13 174 12876 165 12210 410 30340
6 135 2.06 321 43335 310 41850 760 102600
7 356 5.44 532 189392 500 178000 1250 445000
8 580 8.85 815 472700 790 458200 1900 1102000
9 586 8.95 1180 691480 1115 653390 2700 1582200
10 620 9.47 1580 979600 1510 936200 3750 2325000
11 645 9.85 1900 1225500 1850 1193250 4850 3128250
12 655 10 2200 1441000 2000 1310000 5750 3766250
13 525 8.02 2480 1302000 2420 1270500 6500 3412500
14 495 7.56 2700 1336500 2650 1311750 7000 3465000
15 384 5.86 2850 1094400 2830 1086720 7350 2822400
16 344 5.25 2950 1014800 3000 1032000 7500 2580000
17 296 4.52 3020 893920 3020 893920 7580 2243680
18 248 3.79 3020 748960 3020 748960 7580 1879840
19 185 2.82 3020 558700 3020 558700 7580 1402300
20 134 2.05 3020 404680 3020 404680 7580 1015720
21 115 1.76 3020 347300 3020 347300 7580 871700
22 65 0.99 3020 196300 3020 196300 7580 492700
23 17 0.26 3020 51340 3020 51340 7580 128860
24 12 0.18 3020 36240 3020 36240 7580 90960
TOTAL 6.550 100 13.046.556 12.726.340
32.899.025
Table 1: 3 Turbine Models Power calculations
Business Opportunity
The potential of Romania in wind energy is considered the highest in SEE. The Oltenia,
Moldova and Dobrogea provinces were considered the most appropriate areas for Wind farm
developments. Even if the wind is free, wind energy producers receive incentives (Green
Certificates) from the state besides the electricity retail price, because the investments are
very high. Through its progressive legislation, the government is creating one of Europe’s
friendliest environments for RE developers and is encouraging future investments in the wind
sector and not only. So, since 2004 green energy producers receive 1 Green Certificate for
each MWh of energy delivered into the system. In July 2010, the Romanian Parliament
amended the law 139/2010 giving more incentives to RE producers. Finally, in July 2011, the
European Commission had approved the law 139/2010. For instance, those in the wind
sector (where 80% of green energy investments will go), get 2 Green Certificates for 1
MWh until 2017 after that just single but it’s not the case anymore as ANRE notified on
overcompensation issue so, the Parliament amended the law GD 994/2013 in December
2013. Main changes regard the reduction of Green Certificates for wind from 2 to 1,5 took
place in January 1, 2014. These changes will be effective until January 1, 2018. After that,
other reduction of Green Certificates will take place from 2 to 1,75 for 1 MWh.

5. The Project Scenario
· The Project is to manufacture and build at least a 90 MW Wind farm in a highly
desirable location in Romania with proven wind velocity conditions (MAWS of 7,2 m/s
and CF of 86% in Oltenia region). The final Wind farm capacity will be decided
together with the investor and can reach up to 270 MW.
· The average amount of the deal is estimated to be in the region of €160 Million (for a
90 MW Wind farm) advanced over 2-yrs period to cover manufacturing and
management costs and could be paid off in period of less than 7-yrs based on
revenues.
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€117.000.000 – total cost of wind turbines (1,3 Million €/MW)
€1.600.000 – turbines transportation
€1.600.000 – foundations pedestals
€200.000 – turbines installing using a crane
€250.000 – land development and leasing
€18.000.000 – ATR (100.000 – 200.000 €/MW)
€1.600.000 – CA (1% of total investment)
€2.580.000 – project development and expenses
€17.170.000 – contingency
· Operational activity is at the end of the 2nd year with current estimates showing yearly
revenues (including incentives) of approx. €42,1 Million.
· AEP = 316,791 GWh, ROI = 21,9%, NPV = €227,9 Million, IRR = 27%.
· From that point on this would be a very profitable venture for all concerned.
· Opportunities to blue print this process and do more deals throughout Romania as
demand continues to increase for alternative energy.
Action Plan
· Site Location – The proposed Wind farm will be built on a leased plot of 400 hectares
from the Local Council (co-founders have a Mandate). The proposed Wind farm would
be located 300 km west to Bucharest city (Capital of Romania). No agriculture is made
in this zone. The plot location is hilly, nearby County road with a 14% loaded crossing
220kV HT national grid line 6 km away.
· Company Formation – We as a Managing team are willing to incorporate the
appropriate corporate structure that will best benefit both the project proponents and
the investor. Considerations will include the need for a Romanian based entity that
satisfies the requirements of the governing body.
· Administrative Process – The admin. process takes cca. 14 months for a Wind farm.
· Technical expertise - We have the experience from other projects; one of the projects
is quite the same level and is situated very close to the proposed one, 9 km away from
it which makes us quiet confident that the administrative process will not be a problem.