IFC considers investing in Serbian wind project

The International Finance Corporation (IFC), a member of the World Bank Group, is considering financing a 158 MW greenfield wind power plant, in the Kovin municipality in the Banat region of Serbia.

The project will be owned by Continental Wind Partners LLP (CWP), a US-based independent power producer (IPP) with proven experience in wind energy project development in Central and Eastern Europe. The new wind farm will be located about 30 km to the north east of Belgrade in Kovin municipality. The site covers an area of approximately 3,700 ha on reasonably flat terrain with ground elevations ranging between 127 m and 150 m above sea level.

The total project cost amounts to circa €280 million (US$341.1 million). CWP has requested IFC to provide financing of up to €70 million in the form of A loan up to €45 million and C loan up to €25 million, to partially finance the project. Other financiers are likely to include the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC).

Construction of the project is expected to commence in the second half of 2015 and commercial operations are expected to begin by the end of 2016.

The greenfield wind power plant will increase generation from renewable assets by 158 MW representing 2% of the country's generation capacity and help Serbia meet its national strategy and EU renewable energy targets as a candidate country.