Renewables

Fintel secures financing, permit for wind parks

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June 8, 2015

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Published:

June 8, 2015

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Energobalkan DOO signed a contract with Unicredit Bank Serbia for financing La Piccolina wind farm of 6,6 MW, located in Vršac, operator’s parent company Fintel Energia Group SpA said in a press release.

The Italian independent power producer added that the total amount of the loan is equal to EUR 7 million, while the required equity is 30% of total investment. The financing envisages a repayment in six years, including a grace period of 15 months with a fixed interest rate of 6.5%, Fintel Energia said.

Finally, there is a possibility to extend the repayment of the outstanding debt for a further six years. Energobalkan signed contracts with Vestas Systems AG and Prenecon SA for the supply and construction of La Piccolina wind farm, the statement said.

The project is due to completion by the beginning of 2016 and it will be the second wind farm in Serbia to receive the feed-in tariff envisaged by Serbian law. Kula facility is the first one, the statement said. La Piccolina will deliver 18 GWh per year.

A non-binding term-sheet for the financing of Košava 2 wind farm of 9.9 MW, located in Vršac municipality, was signed on May 26 by Fintel Energia and Erste Bank. The company’s 9.9 MW Kula project is financed by the same borrower. Fintel Energia also said it obtained the building permit on May 22 for the construction and operation of a 9.23 MW wind farm in Veliko Gradište, east of capital Belgrade.

MK-Fintel Wind AD, a joint venture between MK Group (46%) from Serbia and Fintel Energia (54%), was set up in 2008 to invest in green energy projects. The Italian operator said it has licenses for 150 MW of capacity in the country.

The new Erste Bank deal envisages a 12 years non-recourse financing for a total consideration up to EUR 10.65 million with a minimum equity of 30%. Košava 2 wind farm will consist of three turbines of 3,3 MW unitary power and will deliver 32 GWh per year, equivalent to yearly consumption of 9.200 Serbian families, the press release said. The project is due to be launched by end-2016, while Kula, in the country’s northwest, and La Piccolina are under construction.

Veliko Gradište facility RAM is due to completion in the first half of 2016, the Italian operator said. The wind park will be built and operated by special purpose vehicle Vetro Park RAM DOO Fintel Energia said the project would generate clean energy for 4.400 Serbian families.

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