Israel’s Enlight Renewable Energy said it started operating the 105 MW Kovacica wind farm in Serbia, the country’s largest, on July 12.
Enlight connected the Kovacica wind farm to the power grid and obtained the status of a privileged power producer, completing the project’s development, the Israeli company said in a filing with the Tel Aviv Stock Exchange on Sunday.
In view of the project’s production capacity and the wind measurements carried out onsite, Enlight estimates that the project will generate revenues of about 28 million euro ($31.4 million) annually from the sale of electricity throughout the 12-year regulatory period, the company said.
After the expiry of the 12-year period, the electricity will be sold under market conditions, generating an annual revenue of 20 million euro, Enlight added.
Enlight started electricity production at the wind farm in a trial mode in January, the company said earlier this year.
In 2012 Electrawinds K-Wind started developing the Kovacica wind farm, equipped with 38 General Electric 2.75-120 type wind turbines. Permitting and development have been outsourced through Serbian company New Energy Solutions.
Enlight acquired the project in 2016, and in September 2017 it said it intends to invest a total of 189 million euro in the project, with New Energy Solutions remaining its developer. Financing in the amount of 142 million euro was made through parallel loans granted by Erste Group, with the support of export credit agency Euler Hermes Germany, Erste Bank Serbia and the European Bank for Reconstruction and Development (EBRD).
Enlight Renewable Energy is part of Eurocom Group, one of Israel’s largest holding companies. It has executed over 150 projects in Israel and in Europe at a capacity exceeding 200 MW.