BDK Advokati advises on the financing of 104.5MW Kovačica Wind farm

BDK Advokati advises Enlight Renewable Energy, as the sponsor, and Electrawinds K-Wind as the borrower, in EUR 142 million project financing of one of the largest wind farms in Serbia – the 104.5 MW Kovačica Wind Farm. This is the Serbia’s first large-scale energy project financing transaction to have successfully reached financial close.

BDK Advokati provided legal support on all local law aspects of the project financing. Dentons acted as the international counsel to the sponsor. The team from BDK Advokati was led by Dragoljub Cibulić with the support from Dragoljub Sretenović, Jelena Zelenbaba and Djordje Zejak.

The financing in the amount of EUR 142 million is provided by parallel loans from Erste Group Bank AG (supported by the German Export Credit Agency Euler-Hermes), Erste Bank Serbia, and the European Bank for Reconstruction and Development (EBRD).

Kovačica wind farm total project value is approximately EUR 189 million. The wind farm will consist of 38 GE 2.75-120 wind turbines, and will provide electricity to more than 65,000 homes in northern Serbia while reducing Serbia’s annual CO2 output by approximately 247,000 tons thereby contributing to the country's ambitious goal to raise the share of energy consumption from renewable energy sources to 27 per cent by 2020.