Fintel Energia signs term sheet for Košava wind farm

July 16, 2015

MK-Fintel Wind AD, subsidiary of Fintel Energia Group SpA, signed a term sheet with a consortium formed by international partners to finance, build and operate a wind farm of up to 128.7 MW of installed power in the municipality of Vršac northeast of capital Belgrade. The consortium will acquire, subject to certain requirements, the majority of the shares of the project while MK-Fintel will remain responsible for the local operations and day by day management, Fintel Energia said in a press release.

Košava wind farm, scheduled for completion in late 2017, will consist of 39 turbines and will generate 390 GWh annually, equal to the consumption of around 130.000 Serbian families, the company said. The transaction with an estimated capital expenditure in excess of EUR 180 million, is subject to the completion of satisfactory due diligence, definitive agreements and corporate, government, and regulatory approvals, the press release said.

A non-binding term-sheet for the financing of Košava 2 wind farm of 9.9 MW was signed on May 26 by Fintel Energia and Erste Bank.