The MK Fintel Wind company, jointly owned by the Italian Fintel Energia Spa and MK Group, is set to become the first green energy produced in Serbia to sell shares on the Belgrade Stock Exchange. Company CEO Tiziano Giovannetti said he expects to raise between EUR 120 and 150 million from the sale of shares.
Fintel expects that the procedure to sell shares in Serbia will be completed by the end of this year.
Giovannetti said that the initial offering would range from 20% to no more than 40% of the total shares in MK Fintel Wind with the aim to raise some EUR 60 million. We do not want to sell the majority of shares because we do not want to loose control of the company, he said.
The money raised from the initial offer will be invested into the Košava windpark project which is expected to be completed in 2019 and several other smaller windparks the company is planning to set up.
The Košava project is Fintel’s biggest investment in Serbia to date and it will have 20 wind generators producing around 117 MW when it is completed. The project’s estimated value is EUR 124 million.
MK Fintel Wind already has wind power facilities in Serbia producing 16,5 MW of electricity.
Giovannetti said that the company decided to float shares as a long-term investment which will remain in the country.
He said that an increasing number of people realize that fossil energy is not sustainable because it is expensive, pollutes the environment and does not provide new jobs and made an example of MK Fintel WInd company that is providing a lot of opportunities for so-called “green jobs”. He said that the job is difficult initially because no one likes to change their old habits but that in the end the benefits outweigh the costs.
The MK Fintel Wind company opened the first wind generation facility in Serbia late in 2015. That windpark, which cost EUR 15 million to build in the Vojvodina town of Kula, has three generators with a total capacity of 9.9 MW, producing some 27 million KWh a year.