EBRD and Erste Approve Financing for the Pupin Windfarm in Serbia
27 Março 2024 - 8:00AM
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.
The EBRD and Erste will provide parallel loans, worth $50.5
million each, including the associated debt service reserve
facilities. Enlight’s local subsidiary will use the proceeds to
develop, construct and operate the 94-megawatt (MW) windfarm, which
has been 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 begin operating
commercially in the second half of 2025. It is an extension of the
existing Kovacica (Blacksmith) windfarm in Vojvodina, which is also
owned by Enlight and was financed by the same lenders in 2017.
Once commissioned, the Pupin windfarm will be able to supply
clean, green electricity to more than 40,000 households, equivalent
to the number of households in a medium-sized city like Zrenjanin.
The windfarm will also help to reduce the carbon intensity of
Serbia’s power sector and advance its green economy transition.
Coal still dominates electricity production in Serbia and the
financing package comes at a time when the country faces an urgent
need to diversify away from fossil fuels to help address its
long-term structural energy challenges.
This project was financed under Serbia’s first renewable energy
auction for wind capacity, which took place in 2023 and awarded
contract-for-difference for 400 MW. A second and third auction,
each for 300 MW of wind capacity, are expected to take place in
2024 and 2025, respectively. Similar auctions will be held in
parallel for solar power plants. The scheme was developed and
launched with technical and policy support from the EBRD and was
funded by the Swiss State Secretariat for Economic Affairs (SECO).
The scheme encourages the market integration of renewables, as
developers receive support in line with market prices, as well as
income from the sale of electricity.
Matteo Colangeli, EBRD Regional Director for the Western
Balkans, said: “Serbia’s decision to move ahead with auctions is
proving to be a game changer in terms of unlocking the country’s
renewable energy potential. We are pleased to see Pupin being the
first project to reach financial close and moving quickly through
implementation, proving that speed of execution and best practice
in terms of environmental and social standards can go together. We
are committed to support Serbia’s second wind and solar auction
later this year to continue accelerating the country’s green
transition.”
“Building the Pupin windfarm in close proximity to our existing
Kovacica (Blacksmith) site represents a noteworthy implementation
of our ‘Interconnection Expand’ strategy,” commented Gilad Yavetz,
CEO and co-founder of Enlight Renewable Energy. “We were able to
leverage the technical knowledge and transmission infrastructure
that was already in place at Kovacica, resulting in greater
efficiency and higher returns for Pupin. In addition, we were
fortunate to engage once again with our partners EBRD and Erste for
financing of the Pupin project; these are the same lenders who
supported us in the development of the Kovacica site.”
Wolfgang Hargassner, Head of Corporate Finance at Erste Group,
commented: “The financing of the first windfarm project under
Serbia’s new renewable energy auction scheme marks a major step on
the country’s path to green energy transition and we hope it will
pave the way for other projects in the future. The realisation of
the Pupin project is thanks to the great cooperation and unwavering
commitment among all the parties involved, including investors,
banks, advisers, the power off-taker, the turbine supplier, and
many others.”
1 All amounts in U.S. dollars in this report are calculated
based on a U.S. dollar to Euro conversion rate of 1 to 0.9035, as
reported on 29 December 2023.
About Enlight
Founded in 2008, Enlight develops, finances, constructs, owns,
and operates utility-scale renewable energy projects. Enlight
operates across the three largest renewable segments today: solar,
wind and energy storage. A global platform, Enlight operates in the
United States, Israel and 9 European countries. Enlight has been
traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and
completed its US IPO (NASDAQ: ENLT) in 2023. Learn more at
enlightenergy.co.il.
About Erste Group Bank
Erste Group Bank AG is one of the leading financial services
providers in central and eastern Europe, with more than 16 million
customers and total assets worth more than €337 billion.
About European Bank for Reconstruction and
Development
The European Bank for Reconstruction and Development (EBRD) is a
multilateral bank that promotes the development of the private
sector and entrepreneurial initiative in 36 economies across three
continents. The Bank is owned by 72 countries as well as the EU and
the EIB. EBRD investments are aimed at making the economies in its
regions competitive, inclusive, well governed, green, resilient and
integrated.
Investor Contact
Yonah WeiszDirector IRinvestors@enlightenergy.co.il
Erica Mannion or Mike FunariSapphire Investor Relations, LLC +1
617 542 6180investors@enlightenergy.co.il
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