Israeli company Enlight Renewable Energy has secured €189m in financing for the construction of a wind farm with an installed capacity of 104.5MW in Kovačica, Serbia.
Out of total investment, the portion of debt package amounts €142m, which will be financed by parallel loans from Erste Group Bank, Erste Bank Serbia and the European Bank for Reconstruction and Development (EBRD).
Featuring 38 wind turbines, the wind farm is expected to slash the CO2 emissions in Serbia by approximately 247,000 tonnes per annum.
Additionally, the wind farm will contribute to the country's ambitious goal to raise the share of energy consumption from renewable sources to 27% by 2020.
Erste Bank Serbia CEO Slavko Carić said: “Kovačica, which on its completion will be one of the largest wind farms in Serbia, is the second wind farm that we have financed in the country.
“By making available €93m of financing, plus an additional €20m for VAT, Erste is supporting a project that will make a valuable contribution to Serbia’s economy and its environment, and thus promises to markedly improve the wellbeing of the Serbian people.”
Enlight Renewable Energy CEO Gilad Yavetz said: “We are proud to have reached the financial close and the beginning of the construction of the Kovačica wind farm. It will produce clean and emission-free electricity for more than 65,000 households in Serbia, create jobs and contribute to Serbia’s growing economy.
“The project is financed by professional and experienced partners and we look forward to continuing this exciting journey, which bridges cultures and brings together people from Serbia, Israel, Austria, Germany and many other EU countries.”
The project is expected to become operational by the end of 2018.