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

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.