EBRD Secures Loan of EUR 50 Million for Pupin Wind Farm – Project Worth EUR 144 Million in Total

The European Bank for Reconstruction and Development has secured a loan of EUR 50 million for the construction of the wind farm Pupin with an installed power of 94.4 MW. The total value of the project, according to the EBRD website, is EUR 144 million.

The borrower is Enlight K2-Wind d.o.o. Beograd, a special purpose vehicle organized in Serbia and majority owned by Enlight Renewable Energy Ltd. Let us remind that the wind farm Pupin will be built within the existing Kovacica complex, whose construction is also financed through an EBRD loan for the most part.

The approval date is March 6, 2024. As the EBRD announced, Pupin will be the first wind farm in Serbia to operate under the CfD scheme and will assist Serbia in diversifying its power sector, which is heavily concentrated on thermal and hydro-power generation.

The explanation of the project says that the wind farm will contribute to climate change mitigation and Serbian energy green transition by increasing the share of renewable energy generation in the country and adding new wind generation capacity to the national energy system. In addition, the Project will also strengthen the private sector presence in the renewable energy sector in the country.

– The project will target the “Green” transition quality by supporting the construction of a wind plant with a total installed capacity of 94.4 MW. This capacity will increase share of green energy in the Serbian generation mix with expected associated CO2 savings of 197 thousand tons annually – it is said.

Furthermore, the project benefits from contract for difference (CfD) scheme, developed as part of extensive support from the EBRD, which has been working closely with Serbian authorities to put together the renewable energy regulatory framework and to conduct preparation and implementation of first renewable energy auction in the country, it is added.

Photo: Goran Zlatković