The locally registered AES GEO Energy, controlled by the US energy company AES and the Bulgarian-German company Geo Power, signed a financial agreements for setting up a EUR 270mn wind power park near the northern Black Sea town of Kavarna. A consortium between EBRD, the International Financial Corporation, UniCredit Bank and its local subsidiary UniCredit BulBank will provide a EUR 223mn loan. AES will secure the remaining amount. AES GEO Energy will install 52 wind generators with total capacity of 156MW and annual production of 340GWh or 1% of the country’s power demand. The project will be the largest wind farm in Eastern Europe . The investor has signed a 12-year power purchase agreement with the electricity system operator NEC. The wind-power project received first-class investment certificate at the end of last year and all required environment permits with regard to any negative impacts on Via Pontica bird migratory route. The wind generators are expected to be launched in October.