BELGRADE (Serbia) September 26 (SeeNews) - Israeli company Enlight Renewable Energy is building a 189 million euro ($223.2 million) wind farm with an installed capacity of 104.5 MW in Serbia's Kovacica municipality, Erste Bank Serbia, which co-finances the project, said.
The Kovacica wind farm, with 38 wind turbines, will be financed by the EBRD, Erste Bank Serbia, Erste Group and Enlight Renewable Energy, Erste Bank Serbia said in a statement on Monday.
It is planned to be operational by the end of 2018.
Financing in the amount of 142 million euro will be made through parallel loans granted by Erste Group, with the support of the German export credit agency Euler-Hermes, Erste Bank Serbia and the EBRD.
The wind farm in Kovacica will reduce the annual CO2 emissions in Serbia by around 247,000 tonnes and contribute to the country's ambitious goal to raise the share of energy consumption from renewable sources to 27% by 2020.
Enlight Renewable Energy is part of Eurocom Group, one of Israel's largest holding companies. It has executed over 150 projects in Israel and in Europe at a capacity exceeding 200 MW.