Loan and Electricity Buyout Agreements Signed for Wind Farm Pupin – Total Value of Project EUR 144 Million

Enlight Renewable Energy and EPS have signed the Agreement on the Buyout of Electrical Energy from the Wind Farm Pupin and the Taking On of the Balance Responsibility, and the Loan Agreement has also been signed between Enlight Renewable Energy, EBRD, Erste Bank and EPS.

The location in which the construction of the Wind Farm Pupin is planned is in southwest Banat in the territory of the municipality of Kovacica, between the settlements of Kovacica, Padina and Debeljaca.

The plan is for the wind farm to consist of 16 wind turbines, with a total power of 94.4 MW.

The planned number of workers will vary depending on the construction phase between 50 and 200 hired workers of various profiles, and more than 10 permanent employees will be hired after the wind farm is put into operation.

The minister of mining and energy of Serbia, Dubravka Djedovic Handanovic, stated that it was the second of a total of nine projects that had received incentives at the first auctions for the market premiums, carried out in 2023.

Djedovic Handanovic pointed out that all the energy from the Wind Farm Pupin would be used for the energy system of Serbia and that it would supply close to 40,000 households.

The signing of the agreement was attended by the acting director of EPS, Dusan Zivkovic, the regional director for Western Balkans at the EBRD, Matteo Colangeli, and the ambassador of Israel to Serbia, Yahel Vilan.

The signing of the agreement was also attended by the general manager of Enlight EU, Marko Liposcak, the chairman of the Managing Board of Enlight Renewable Energy (through a video link), Yair Seroussi, and a member of the Executive Board of Erste Bank Serbia, Nikola Stamenkovic.

Let us remind that Enlight K2-Wind has already started building the Wind Farm Pupin within the existing complex Kovacica. A quota of 68 MW was allocated to the Wind Farm Pupin at last year’s auctions at an offered price of EUR 68.88 per MWh.

As the company told us recently, the development of the project of the Wind Farm Pupin was successfully concluded last year, when the phase of the construction of the project started. The planned period of the construction of the power plant is up to 18 months.

– The wind farm will consist of 16 wind generators Nordex N163/5.9, and the power plant will have a total power of 94.4 MW. The power plant is expected to start working at full capacity in the first quarter of 2025 – Veljko Ozegovic says for eKapija on behalf of the Wind Farm Pupin.

The EBRD recently announced that it had secured a loan of EUR 50 million for the construction of the Wind Farm Pupin and that the total value of the project was EUR 144 million.

– The completing of the financial structure of the project is going as planned – our interviewee reveals.

When asked whether they were satisfied with how quickly they obtained all the necessary permits and funds, Ozegovic points out that the first idea about the project was initiated back in 2018, whereas a more active development of the project started in 2019, with a successful finalization in 2023.

– Our experience has helped accelerate and optimize numerous project development processes, but the quickness of the development was also down to various factors, among which are those outside any potential influence, such as the market disturbance caused by the global political crisis, the Covid 19 pandemic and so on – notes Ozegovic.

Enlight doo Beograd

EBRD Evropska banka za obnovu i razvoj Beograd

Erste Bank a.d. Novi Sad

Ministarstvo rudarstva i energetike Republike Srbije

Ambasada Izraela Beograd

Elektroprivreda Srbije ad Beograd

Enlight Renewable Energy

EBRD

Erste Bank

EPS

Ministry of Mining and Energy

Embassy of Israel in Serbia

Veljko Ožegović

Dubravka Đedović Handanović

Marko Lipošćak

Dušan Živković

Nikola Stamenković

Yair Seroussi

Matteo Colangeli

Yahel Vilan

Wind Farm Pupin

Padina

Debeljača