The 104.5 MW Kovačica wind farm, operated by Israel’s Enlight Renewable Energy, has started trial production and is expected to be fully operational in the second quarter of the year, the company said.
The company owns 3 wind farms in the region, in Croatia (Lukovac), Serbia (Kovačica), and Kosovo*.
The Kovačica wind farm, Enlight’s largest project in the renewable energy sector to date, is expected to earn annual income of EUR 28 million over the next 12 years. During this period, the company will receive feed-in tariffs.
Until the final approval for production, Enlight will receive 50% of the feed-in tariff, the company said in a filing to the Tel Aviv stock exchange.
The revenue after the 12-year period is estimated at EUR 14-16 million.
So far, 34 out of 38 wind turbines have been installed, while all the necessary infrastructure for the power plant operation has also been constructed, the company said.
The EUR 189 million Kovačica wind farm is financed by loans with a total value of EUR 142 million, provided by Erste Bank Serbia, Erste Bank AG Group with the support of the German Export Credit Agency Euler-Hermes, and the European Bank for Reconstruction and Development (EBRD).
Enlight Renewable Energy purchased the project in Croatia in 2016, while the power plant construction in Serbia was launched in 2017.
In March, the company announced that it acquired the rights to a 105 MW wind energy project in Kosovo*. According to Globes, in October, Phoenix Holdings started negotiations with Enlight Renewable Energy to buy 40% of a wind power project in Kosovo*.
13 renewable energy projects
Enlight Renewable Energy is part of Eurocom Group, one of Israel’s largest companies. In May, Eurocom Communications announced the intention to sell its 14.8% holding in Enlight Renewable Energy.
So far, Enlight Renewable Energy has been involved in 7 wind farm projects in Israel (3), Ireland, Poland, Serbia, and Croatia. One of these projects has been completed and sold, while the rest are in different development phases. The installed capacity of the wind farms is around 470 MW.
The company has also constructed 6 solar power plants, all in Israel. The plants, with a combined installed capacity of 85 MW, are operational.