Wind of change

by Svilena Djotolova, I&C Manager, UniCredit Leasing Bulgaria

The wind as a source of energy appears attractive for several reasons. There is plenty of it, it's "free", and practically an inexhaustible source of energy which does not lead to pollution and climatic anomalies. Briefly, wind energy has a property that none of the traditional energy sources for electricity production boast with.

One of the big impetuses for the development of wind energy in Europe is the concern about global warming. Moreover, the fear of record heat waves, such as the one in the summer of 2003 that ruined harvests and has been identified as a cause of increased mortality during the season (35 000 persons), is also urging the replacement of fossil energy sources with clean ones.

In Bulgaria there is a good environment for an effective exploitation of wind energy plants. There are enough conditions and a stable legal context for the development of Bulgarian wind energy, which are harmonized with the EU. This ensures security and positive prospects for wind energy investments. Globally, wind energy is the most rapidly evolving trend in the identification of renewable energy resources over the last decade.

After serious negotiations between the two companies and with the extensive support of Martin Mayr, Head of the Renewable Energies Competence Center based in Vienna, at the end of August UniCredit Leasing AD - Bulgaria signed important leasing contracts with two Bulgarian SPV-s (Special Purpose Vehicle companies), owned by Conzept Bau Spa, for the total amount of 12 million Euro. The contracts entail the financing in leasing for 6 new units of wind generator turbines LTW77 for 1.5 MW each, supplied by Leitwind Spa. The official ceremony for the park's opening is scheduled for October 2009 and will take place in Cavarna, Bulgaria.

UniCredit Leasing is strongly active in the market of renewable energy, with more than 150 financed plants in photovoltaic, wind power, hydropower and biomass systems. The specialists of UniCredit Leasing have shared with the client all the information regarding laws, incentives and bonuses for the various systems and have offered customized consultancy, from the evaluation of specific business cases (technological, fiscal, licensing issues, etc.,) to the design of the best business plan for ensuring success. The workflow has included strong cooperation between the Italian and the Bulgarian offices (commercial, technical, legal and risk departments), coordinated by the International Leasing team in Milan during all phases of the project evaluation.