Enlight wins PPA for 94-MW wind project in Serbia

Israeli renewables company Enlight Renewable Energy Ltd (TLV:ENLT) announced on Monday that it won an offtake contract for the majority of the future output of its 94-MW Pupin wind project in Serbia.

Under the terms of the 15-year inflation-linked power purchase agreement (PPA), state-owned utility Elektroprivreda Srbije will buy 72% of the wind park’s generation at EUR 69 (USD 73m) per MWh, linked to Eurostat's Consumer Price Index. The balance will be sold on a merchant basis.

The Nordex-powered facility has already entered construction and is expected to be completed in the second half of 2025.

Enlight calculates it will need to invest between USD 149 million (EUR 140.7m) and USD 157 million in the project. It is currently awaiting for regulatory clearance to buy the 66% interest it does not already have in Pupin.

The revenue and EBITDA generation of the plant in its first year of operation is estimated at USD 22 million-24 million and USD 13 million-15 million, respectively.

Located next to it, Pupin will be sharing a connection point to the national grid with Enlight’s first wind farm in Serbia – the 105-MW Blacksmith facility.

(EUR 1.0 = USD 1.059)

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