Source: eKapija | Wednesday, 09.07.2014.| 14:29
Highlight an article Print out the news

Erste Bank inks agreement with MK Fintel Wind to finance construction of EUR 11.7 million wind farm

Erste Bank Novi Sad and Vetropark Kula, whose founder is the Italian-Serbian company MK Fintel Wind, have signed an agreement on the funding of wind farm construction in the vicinity of Kula. The Bank is granting a loan totaling EUR 11.7 million, 9.65 million euro of which are to be repaid within 12 years and the rest will be used to cover the VAT, the Bank announced in a release.

Construction of the wind farm in Kula will commence this summer. The installed capacity of this wind farm will be 9.9 MW, while the expected annual production is about 25 GWh. The farm will be comprised of three windmills with an individual capacity of 3.3 MW.

- Implementation of projects utilizing renewable sources of energy requires very complex activities to be carried out by both project carrier and financier, especially when it comes to wind farms. We take pride in the fact that the first loan for the construction of wind farm in Serbia has been approved by no other than Erste Bank. We're now talking with MK Fintel Wind about the possibility of us funding the construction of additional wind farms - said Slavko Caric, the chairman of the Erste Bank Executive Board.

Erste Bank has so far financed nearly EUR 35 million worth of renewables projects, that is, construction of 17 small hydroelectric power plants, two biogas plants, solar power plants, etc. Following the withdrawal of the loan intended for the construction of wind farm in Kula, the total amount of funds provided by Erste Bank for renewables projects will exceed EUR 46 million.

The core activity of MK Fintel Wind is the production of "green" electricity. Besides, the company is also working to increase the overall power capacity in Banat, Vojvodina and Poduneavlje and has plans to invest in the windy energy sector in Serbia and the region.

Only logged-in users can comment.
Follow the news, tenders, grants, legal regulations and reports on our portal.
Testiraj besplatno!
Register for our daily business bulletin, which is sent to your email address at the end of each work day.
Full information is available only to commercial users-subscribers and it is necessary to log in.
Test for free!
Testiraj besplatno!
Full information is available to commercial users-subscribers only.
Testiraj besplatno!

Log in to view complete information:
Forgot your password? Click here HERE
For free test use, click HERE