The MK Fintel Wind company started the construction of its third wind farm in Serbia outside the town of Vršac. This wind farm, named Košava, will be the biggest wind power facility in the country with the first stage of construction, which is due to be completed by the end of 2018, costing an estimated EUR 124 million.

The company, co-owned by the MK Group of Miodrag Kostić, the Serbian businessman, is planning to put up 20 wind generators totaling 69 MW of power capacity. The new renewables facility is to supply electricity to some 40,000 households.

MK Fintel Wind and Fintel Energia spa CEO Tiziano Giovannetti said at the ceremony marking the start of construction that this is the company’s biggest investment in renewable energy in Serbia. He said the company plans to continue its investments and will engage local companies and workers.

Giovannetti said the second stage of construction will cost more than EUR 100 million and added that another 19 wind generators will be put up.

The ceremony was also attended by Serbian Mining and Energy Minister Aleksandar Antić who said the project will help Serbia meet the goal of 27% of power from renewable energy sources by 2020 set out in its national action plan. He said Serbia is getting almost 23% of power from renewable sources and that there are projects under construction to build capacities of 500 MW of green power.

The MK-Fintel Wind  company decided earlier to become the first green energy provider in Serbia to sell shares on the Belgrade Stock Exchange, expecting to raise the money for the initial stage of construction at the Košava wind farm from IPO planned to take place by the end of this year.

The initial offer on the stock exchange would be between 20% and 40% of the total shares in the company.

MK Fintel Wind already has two wind farms in Vojvodina – the Kula power facility outside the town of Kula and La Piccolina outside Vršac.