Serbia: Erst bank to finance wind farm in Kula

, News Serbia Energy

Erste Bank and company “Vetropark Kula” signed an agreement on the financing a wind farm near Kula in the amount of 11.7 MEUR, and the work will begin in the summer.

The Founder of “Vetropark Kula” is an Italian-Serbian company “MK Fintel Win”, and in a joint statement of the company and the bank states that it is a loan of 11.7 MEUR, of which 9.65 MEUR with a repayment period of 12 years, a the rest remains for the financing of VAT.

Installed capacity of the wind farm will be 9.9 MW and expected annual production of around 25 GWh (gigawatt hours). The park will consist of three windmills with individual power of 3.3 MW.

“The realization of projects, which use renewable energy sources, includes very complex activities either for the constructor and financier, especially when it comes to wind farms. We are proud that the first loan for the wind farm construction in Serbia precisely has been approved by the Management Board of Erste Bank”, said executive director of Erste Bank Slavko Caric.

The bank, as he said, considers financing and construction of additional wind farms with “MK Fintel Wind”.
So far Erste Bank has funded projects that use renewable energy sources with nearly 35 MEUR.

It is about 17 mini hydropower plants, two biogas plants, solar power plants, as well as other projects. Of these 17 mini hydropower plants 10 have recently started to produce electricity during the previous period.

After the realization of the loan used for the construction of wind farm Kula, the total amount of Erste Bank funding of the projects in the field of renewable energy will be more than 46 MEUR.

The main activity of the company “MK Fintel Wind” is the production of “green” electricity, and the company is also working on increasing the total energy capacity in Banat, Vojvodina and the Danube region and it is planning investments in wind energy in Serbia and the region, said in a statement.

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