Kovacica Wind Farm

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The project envisages the construction and operation of a 104.5 MW wind farm in Kovacica, Vojvodina. Electrawinds K-Wind doo is the special purpose vehicle that undertakes the development of the project. Enlight Renewable Energy, part of Eurocom Group, is the sole sponsor and developer of the plant. The project will be an independent power producer (“IPP”) and all the output generated will be sold to the country’s single buyer, Electric Power Company of Serbia, under a 12 year Power Purchase Agreement (“PPA”). The purchasing power agreement (PPA) was signed in October 2016. The project is worth EUR 189 million ($225.2 million) and is being funded through debt and equity in 75:25 ratio. The debt package in the amount of EUR 142 million ($169.2 million) will be financed by parallel loans from Erste Group Bank AG (supported by the German Export Credit Agency Euler-Hermes), Erste Bank Serbia, and the European Bank for Reconstruction and Development (EBRD). The Erste Group with the provision of EUR 93 million, and an additional EUR 20 million for VAT (totaling $134.6 million) with the remaining (EUR 29 million) $34.6 million being provided by EBRD. Enlight Renewable Energy will contribute $56 million in equity. It is expected to be operational at the end of 2018. Financial closure was achieved in September 25, 2017. Enlight Renewable Energy is part of Eurocom Group - to be added to sponsors' list.