The construction of the Kosava wind farm
near Vrsac should be completed by the end of 2019, announced Tiziano Giovannetti, CEO of Fintel Energia, at the How to Invest Wisely panel organized by the Serbian Association of Managers.
– If you go to Vrsac, you will see around a hundred people already working on the Kosava project, worth around EUR 119 million, 50 people working on the construction of the substation, another hundred working on the foundations for the machinery, and the turbines are to be sent from Denmark – Giovannetti said.
As he added, the construction itself will be finished next year, but the completion of the entire project depends on the paperwork. For this reason, he says, he can’t make a precise projection, but he adds that he hopes that everything will be completed by the end of 2019.
So far, they’ve invested EUR 150 million in Serbia, and they plan to double the investment to EUR 300 million over the next five years, Giovannetti says.
– Of course, this all depends on the building permits as well, but once we obtain them, we plan for the construction to move forward relatively quickly. At the moment, we have another project of 50 MW in Vrsac, worth EUR 110 million.
Let us remind that Fintel Energia has built two wind farms in Serbia, Kula, worth EUR 15 million, and La Piccolina, worth EUR 10 million.
Fintel Energija, a daughter company of Fintel Energia, is the first company to list on the Belgrade Stock Exchange after 78 years
, and Giovannetti says that the initial public offering is expected in early June.
– We have recently completed all the necessary procedures and contacted the competent commission, which has 60 days to respond, so this process should also be completed in a few weeks – Giovannetti said.
As he says, the company’s idea is to increase the share capital, not to sell shares, in an effort to attract new investors and continue investing in the Serbian market.