EBRD and Erste will finance new windfarm in Serbia

The European Bank for Reconstruction and Development, together with Erste Group Bank AG and its local bank Erste Bank a.d. Novi Sad, have approved a financing package worth EUR 91.4 million for the construction of a new windfarm in Serbia, which will be built by Enlight Renewable Energy.

The EBRD and Erste will provide parallel loans, worth €45.7 million each, including the associated debt service reserve facilities.

The Pupin project is expected to begin operating commercially in the second half of 2025. It is an extension of the existing Kovacica windfarm in Vojvodina, which is also owned by Enlight and was financed by the same lenders in 2017.

“Serbia’s decision to move ahead with auctions is proving to be a game changer in terms of unlocking the country’s renewable energy potential. We are pleased to see Pupin being the first project to reach financial close and moving quickly through implementation, proving that speed of execution and best practice in terms of environmental and social standards can go together. We are committed to support Serbia’s second wind and solar auction later this year to continue accelerating the country’s green transition,” said Matteo Colangeli, EBRD Regional Director for the Western Balkans.