Enlight gets financing for 94-MW wind project in Serbia

Israel's Enlight Renewable Energy Ltd (TLV:ENLT) has secured EUR 91.4 million (USD 99.0m) in loans to build and operate its second wind farm in Serbia, the company's bank has announced.

Austrian lender Erste Group Bank AG (VIE:EBS) said today that it is supporting Enlight’s project with a EUR-45.7-million loan, with the European Bank for Reconstruction and Development (EBRD) providing the same amount. The financing package includes the associated debt service reserve facilities.

The Israeli renewables company will use the funds to bankroll its 94-MW Pupin wind project, located in Serbia’s northern province of Vojvodina. The new facility will be erected next to Enlight’s first wind farm in the country, the 105-MW Kovacica (Blacksmith), with which it will share the grid connection.

The Pupin wind farm will benefit from a 15-year power purchase agreement (PPA) with state-owned utility Elektroprivreda Srbije for 72% of its output, as announced by Enlight in October last year. The balance will be sold on a merchant basis.

The company was awarded the PPA in Serbia’s first renewables auction at a price of EUR 68.88/MWh.

The Pupin wind farm is currently under construction and is expected to begin commercial operation in the second half of 2025.

(EUR 1.0 = USD 1.083)

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