Kovacica Wind Farm (EBRD-48762)

  • Serbia
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 19, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Electrawinds K-Wind D.O.O.
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 43.40 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 40,000,000.00
Converted using 2017-04-05 exchange rate.
Project Cost (USD)
$ 201.10 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 185,000,000.
Converted using 2017-04-05 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 10, 2017

Disclosed by Bank Apr 5, 2017

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Project Description
This proposed project involves a secured loan of up to EUR 50 million to Electrawinds K-Wind d.o.o. to finance the construction, commissioning and operation of the 104.5MW Kovacica wind farm consisting of 38 wind turbines each with capacity of 2.75 MW and including a 220/33-35 KV substation located 50km northeast of Belgrade, Serbia. According to bank documents, Kovacica Wind Farm will be among the first privately owned wind farms in Serbia and will help diversify Serbian power sector which is dominated by conventional thermal and hydro-power generation.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
According to bank documents, the project will be financed through equity and up to EUR 140 million debt. Up to EUR 50 million will be provided by EBRD, with the balance provided by parallel commercial loans, which may benefit from cover from an Export Credit Agency such as Euler-Hermes or similar. ELECTRAWINDS K-WIND D.O.O. BEOGRAD-NOVI BEOGRAD is a special purpose vehicle set up in Serbia currently owned by Solaveris Limited d.o.o and Enlight Renewable Energy Ltd. ("Enlight") through its subsidiary Blacklight Energies d.o.o. Prior to financial close the Project Company will be majority owned by Enlight with minority investments by several institutional investors. Enlight Renewable Energy Ltd. is a public company listed on the Tel-Aviv Stock Exchange engaged in planning, development, construction and operation of renewable energy generation projects. It is part of the Eurocom Group, one of Israel's largest holding companies. Western Balkans Sustainable Energy Financing Facility, which is associated with this project, is a capacity building technical cooperation sub-project which provided assistance for the finalisation of template PPAs in Serbia and Montenegro.
Contact Information
Milos Colic miloc.colic@newenergy.rs +381 11 7853 704 + 381 11 7122 257 http://www.vpkovacica.rs/home.html Djordja Stanojevica 14 11070 Belgrade Serbia Full ESIA documentation is available locally at: Milos Colic Electrawinds K-Winds Djordja Stanojevica 14, Belgrade, Serbia And EBRD Belgrade Blue Centre Spanskih boraca 3 11070 Belgrade Serbia Contact name: Iva Raslapcevic, e-mail: iva.raslapcevic@ebrd.com, telephone:+381 11 20 98 927 ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.