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Serbia: Israeli Enlight Renewable Energy to build Kovacica wind farm

17.Oct 2017.

Israeli company Enlight Renewable Energy will build one of the largest wind farms in Serbia – 104.5 MW Kovacica wind farm. The project is worth 189 million euros and it is expected to be put into operation by the end of 2018.

The project will be financed through loans totaling 142 million euros, provided by Erste Bank Serbia, Erste Group AG in cooperation with German Export Credit Agency Euler-Hermes and the European Bank for Reconstruction and Development (EBRD), while the remaining funds will be provided by Enlight Renewable Energy.

CEO of the company Gilad Yavetz said that Kovacica wind farm will provide clean and emissionfree electricity for more than 65,000 households and contribute to Serbia’s aim to increase the share of renewable energy in total consumption to 27 % by 2020. Kovacica wind farm will have 38 turbines with power output of 2.75 MW each.

CEO of Erste Bank Serbia Slavko Caric said that, with the provision of 93 million euros and an additional 20 million euros for VAT, Erste Group will support the project that will gave a valuable contribution to Serbian economy and environmental protection, since it will enable to reduce annual carbon-dioxide emissions by 247,000 tons.

The project for the construction of Kovacica wind farm was previously developed by Electrawinds Kwind, a special purpose vehicle established for the purpose of the construction of this wind farm, owned by local company Solaveris Limited and Israeli Enlight Renewable Energy.