Investors join Fintel Energia in largest Balkan wind project

Fintel Energia has announced that its Serbian subsidiary, MK-Fintel Wind, has signed a preliminary agreement with an international consortium for the financing and construction of the 128.7 MW Kosava wind project in Serbia.

The consortium of international partners will acquire a majority shareholding in the project's Special Purpose Vehicle (SPV) under the agreement, to be transferred to the operation's building permits and authorizations. MK-Fintel Wind will keep a minority interest and be responsible for managing the system.

To be located in Vrsac roughly 80 km north-east of Belgrade, the Kosava project will be the biggest wind power plant in the Balkans with an installed capacity of 128.7 MW and generating more than 400,000 MWh of electricity.

With a total investment cost of over €180 million (US$197 million), the wind farm will consist of 39 wind turbines of the latest generation, each generating approximately 3 MW of power. Operation is scheduled for late 2017.

Along with the 158 MW Cibuk 1 and Plandiste wind projects, it is the first Clean Development Mechanism (CDM) project approved by the Serbian DNA.