KOVAČICA

EBRD and Erste Approve Financing for the Pupin Windfarm in Serbia

Retrieved on: 
Wednesday, March 27, 2024
Electricity, Economy, European Central Bank, Coal, Reconstruction, Policy, Sale, Blacksmith, Wind, Carbon, Corporate finance, Enlight Renewable Energy, EBRD, TEL, State, Renewable energy

TEL AVIV, Israel, March 27, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”) (NASDAQ: ENLT, TASE: ENLT), a leading global renewable energy platform, today announced The European Bank for Reconstruction and Development (EBRD), together with Erste Group Bank AG and its local bank Erste Bank a.d. Novi Sad (Erste), have approved a financing package worth $101 million for the construction of a new windfarm in Serbia, which will be built by Enlight. The financing package will provide a major boost to the country’s goal of diversifying its energy mix.

Key Points: 
  • The financing package will provide a major boost to the country’s goal of diversifying its energy mix.
  • The EBRD and Erste will provide parallel loans, worth $50.5 million each, including the associated debt service reserve facilities.
  • The Pupin project is expected to begin operating commercially in the second half of 2025.
  • The windfarm will also help to reduce the carbon intensity of Serbia’s power sector and advance its green economy transition.