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).

Construction of the wind farm is expected to be completed in the latter half of 2009. Once it’s up and running, the wind farm should produce 156 MW of power, increasing the amount of electricity that Bulgaria is able to export.

"This is a big step towards energy diversification and energy security," said AES Chief Executive Paul Hanrahan.