Kosava Wind Farm Phase I

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The project envisages the development of a wind farm near Vrsac, Vojvodina in Serbia. The project will be undertaken in two phase - the first one has a capacity of 69 MW, and the second phase 48 MW. MK Fintel Wind, a joint venture of Serbian vertically integrated conglomerate MK Group and Italy's Fintel Energia Group. The sponsors hold 46 per cent and 54 per cent, respectively. The consortium started the construction of the plant in mid-June 2017 and expects to complete it by the end of 2018. MK-Fintel Wind signed an indicative term sheet for financing of 82 million euros ($91.85 million) plus a 4 million euro revolving credit line in October 2016. The financing relates to the 69 MW, phase I, Kosava Wind Farm. However, financial details were not available, but Serbian lender AIK Banka has reported it had provided unspecified financial support for the construction of the Kosava wind farm. The second phase capacity is expected to be 59.7 MW, or 128.7 MW combined. Financial closure assumed to be the commencement of construction - 14 June 2017. Estimated investment is $138.8 million, and given that MK Fintel arranged $91.8 million debt financing, the consortium will need to contribute approximately $47 million towards the project. https://seenews.com/news/aik-banka-finances-mk-fintel-winds-kosava-wind-farm-project-572557 Factiva - Reuters announcement for signed financing for $91.8 million with expected financial closure around March 2017 http://www.windpowerintelligence.com/article/B6l6mSo8AXQ/2016/10/19/serbia_fintel_energia_seals_preliminary_financing_deal_for_6/