Erste Group Bank, together with the European Bank for Reconstruction and Development (EBRD), has approved a financing package worth €91.4 million for the construction of a new wind farm in Serbia, to be developed by Enlight Renewable Energy (Enlight).
Erste and the EBRD will provide parallel loans, each worth €45.7 million, including associated debt service reserve facilities. Enlight’s local subsidiary will utilise the proceeds to develop, construct, and operate the 94MW wind farm, originated by Enlight and New Energy Solutions (NES), and named in honour of Mihajlo Pupin, one of Serbia’s greatest scientists. The Pupin project is expected to commence commercial operation in the second half of 2025. It extends the existing Kovacica (Blacksmith) wind farm in Vojvodina, also owned by Enlight and financed by the same lenders in 2017.
This project was financed under Serbia’s first renewable energy auction for wind capacity, held in 2023, which awarded a contract-for-difference for 400 MW. Second and third auctions, each for 300 MW of wind capacity, are anticipated to take place in 2024 and 2025, respectively.
This project was financed under Serbia’s first renewable energy auction for wind capacity, held in 2023, which awarded a contract-for-difference for 400 MW. Second and third auctions, each for 300 MW of wind capacity, are anticipated to take place in 2024 and 2025, respectively.
