BELGRADE (Serbia) January 3 (SeeNews) - Israel's Enlight Renewable Energy plans to start operating the 104.5 MW wind farm it is building in Serbia's Kovacica municipality in the second quarter of 2019, the company said.
Enlight is starting electricity production at the wind farm in a trial mode and will receive 50% of the entitled rate of 43.9 euro ($49.9) per kWh for the purchase of power by the Serbian government until the facility is fully operational, the company said in a filing with the Tel Aviv Stock Exchange on Sunday.
The construction of 34 of the planned 38 turbines of the wind farm and its transformer station have been completed, Enlight added.
The company expects to generate a revenue of 28 million euro per year from the sale of electricity during the 12-year regulatory period following the commercial launch of the wind farm, and between 14 million euro and 16 million euro after that, it added.
The Israeli company plans to invest a total of 189 million euro in the construction of the wind farm, Erste Bank Serbia, which co-finances the project, said in September 2017. Financing in the amount of 142 million euro will be made through parallel loans granted by Erste Group, with the support of export credit agency Euler Hermes Germany, Erste Bank Serbia and the European Bank for Reconstruction and Development (EBRD).
Enlight Renewable Energy is part of Eurocom Group, one of Israel's largest holding companies. It has executed over 150 projects in Israel and in Europe at a capacity exceeding 200 MW.
($ = 0.879815 euro)