IFC mulls lending 59.2 mln euro for Electrawinds wind farm project in Serbia

The International Finance Corporation (IFC), part of the World Bank Group, said it is considering lending 59.2 million euro ($77.2 million) for a greenfield wind power plant (WPP) totaling 42 megawatts (MW) being developed by Electrawinds Serbia.

The total project cost for the Alibunar WPP, located near the town of Alibunar in the northeastern Banat region, is estimated to be approximately 80 million euro, excluding Value Added Tax (VAT), data from the IFC website indicated on Wednesday.

Electrawinds Serbia is a special purpose entity established solely for the development of the project and is 100%-owned by Belgium's Electrawinds.

Electrawinds will provide 20.8 million euro as equity for the project and there will be a VAT facility to be provided by a commercial bank.

The proposed investment is pending review by the IFC board on May 27.

If the project is successful, Alibunar WPP will become one of the first wind farms in Serbia.

Oostend-based Electrawinds, established in 1998, has over 15 years of experience in renewable energy projects. To date the company has developed 263 MW of power generation assets with a focus on wind projects.

($=0.7669 euro)

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