Israeli Enlight Renewable Energies to build wind farm in Kovacica – Investment worth EUR 189 million

The Israeli company Enlight Renewable Energies will build a wind farm with 38 turbines, with a total installed production capacity of 104.5 MW, in Kovacica. The entire project will cost EUR 189 million.

The wind farm is expected to be put into operation in late 2018, and the financing in the amount of EUR 142 million will be carried out through parallel loans from Erste Group Bank AG (supported by the German Export Credit Agency Euler-Hermes), Erste Bank Serbia and the EBRD, it was announced by Erste Bank.

– We are proud to have reached the financial close and the beginning of the construction of the Kovacica wind farm. 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 – Gilad Yavetz, CEO of Enlight Renewable Energy, stated.

He added that the wind farm in Kovacica would produce clean and emission-free electricity for more than 65,000 households in Serbia, create jobs and contribute to Serbia’s growing economy. The Kovacica wind farm, it is said, will reduce Serbia’s annual CO2 output by approximately 247,000 tons.

Slavko Caric, CEO of Erste Bank Serbia, stated that “Kovacica, 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 93 million euros of financing, plus an additional 20 million euros 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”.

– At Erste, we are committed to supporting the infrastructure sector in Serbia and are glad that after having successfully financed 132 Megawatts of wind power in Croatia’s Dalmatian region, we can continue to do so for the same corporate partner in the Serbian province of Vojvodina. The great cooperation of the project teams in Tel Aviv, Belgrade, London, Hamburg and Vienna has resulted in securing 13-year funding for this first sizable wind project in Serbia, with Erste Group together with Erste Bank Serbia committed to 65 percent of the total loan facilities – Hinrich Fischer, Head of Energy & Environment of Erste Group, added.

Let us remind that the Belgian company Electrawinds K-Wind kept announcing the construction of a wind farm in Kovacica for several years.

Erste Bank a.d. Novi Sad

ERSTE BANK-AUSTRIJA

EBRD London

Electrawinds K-Wind d.o.o. Kovačica

Enlight Renewable Energies Israel

Erste Group Bank AG

Euler Hermes Germany

construction of wind farm in Kovacica

wind farm in Kovacica

wind farm Kovacica

Gilad Yavetz

renewable energy sources

RES

production of electricity

emission of CO2

Slavko Caric

wind farms in Serbia

Hinrich Fischer

Electrawinds K Wind