EBRD considers financing 104.5 MW Kovacica wind farm in Serbia

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EBRD considers financing 104.5 MW Kovacica wind farm in Serbia

In order to help finance one of the Balkan country's first wind farms, the European Bank for Reconstruction and Development (EBRD) is considering lending up to €50 million (US$54.3 million) to Serbian company Electrawinds K-Wind.

With an estimated cost of €185 million (US$201 million), the 104.5 MW project in the northern town of Kovacica will be among the first large-scale privately-run wind farms in Serbia. The wind farm will help diversify the country's power sector as it produces 30% of its supply from hydro and 70% from coal.

Electrawinds K-Wind is a special purpose vehicle set up in Serbia currently owned by Solaveris Limited and Enlight Renewable Energy Ltd. through its subsidiary Blacklight Energies. It will comprise 38 wind turbines with 2.75 MW capacity each and including a 220/33-35 KV substation located 50km northeast of Belgrade.

The project will be financed through equity and up to €140 million (US$152 million) debt.

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