Enlight Renewable Energies, a publicly listed Israeli renewable energy developer, will build €189mn wind farm in Serbia’s northern village of Kovacica. A €142mn debt package will be financed by parallel loans from Erste Group Bank AG (supported by the German Export Credit Agency Euler-Hermes), Erste Bank Serbia, and the European Bank for Reconstruction and Development (EBRD), Erste Group announced on September 25.

This will be one of Serbia's first large-scale wind farms, whose 38 turbines will produce 105 MW. It is expected to be operational at the end of 2018. The Kovacica wind farm will reduce Serbia’s annual CO² output by approximately 247,000 tonnes, and contribute to the country's ambitious goal to raise the share of energy consumption from renewable energy sources to 27% by 2020.

According to CEO of Erste Bank Serbia Slavko Caric, this is the second wind farm that Erste is financing in the country.

“By making available €93mn of financing, plus an additional €20mn 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,” Caric said, reads the press release.

Erste Bank Serbia is the leader in financing renewable energy projects in the Serbian market, with more than €80mn invested in such projects. Across the CEE markets in which it is active, Erste Group has provided a total of €1bn for renewable energy projects, underlining the group’s dedication to further invest in the wellbeing of its clients, employees and the communities in which it is active.

Enlight Renewable Energies is an Israeli based leader in the development, financing, construction and operation of renewable energy power plants. With current operations in Israel and Europe, Enlight has successfully developed, financed and constructed more than 130 projects in six countries, with total installed capacity of over 300 MW. The company enjoys a steady revenue stream from its operating assets, while advancing a significant development portfolio of future projects which supports its continuous growth.