New Serbian project secures financial backing

SERBIA: Israeli developer Enlight Renewables Energies has arranged a €142 million debt package to build its 105MW Kovacica wind project in northern Serbia.

Serbia's first wind project was completed in 2015
Serbia's first wind project was completed in 2015

The 38-turbine project, costing a total of €189 million, is being backed by loans from German firm Erste Group Bank, its subsidiary Erste Bank Serbia and the European Bank for Reconstruction and Development (EBRD).

Construction is expected to begin soon and completion is due by the end of next year.

Enlight said it has developed and built more than 130 projects in six countries, totalling 300MW.

Serbia is targeting 27% of its power from renewable energy sources by 2020. The country's first wind project, the 9.9MW Kula site was completed in November 2015.

Since then, Serbia has laid the groundwork for the construction of 500MW in wind farms with the approval of long-awaited renewable-energy laws on power purchasing agreement criteria and incentives.

Earlier this month, the 42MW Alibunar project in Serbia, developed by Belgian firm Elicio, secured financial backing from the International Finance Corporation (IFC).

According to the IFC, around 70% of Serbia's electricity is produced by coal-power plants.

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