Serbia's MK-Fintel signs supply, construction deals for 9.9 MW WPP

The facility, for which construction works had started in November 2013 and right after halted because of change of wind turbine type, will be completed by October 31, 2015, Fintel Energia Group said in a statement.

The 13.94 million euro ($17.2 million) Kula wind farm, the first of its kind in Serbia, is being funded through project financing provided by Austria's Erste Bank.

The facility will generate annually around 27,000 meagwatt-hours of clean energy sold through a power purchase agreement at 92 euro per megawatt hours.

Along with the other company-owned 6.6 MW facility in construction, La Piccolina, due to completion on late 2015, the Kula wind farm accounts for 100% of the feed-in tariff subsidized wind energy investments in Serbia for 2015.

Besides the above mentioned investments, MK-Fintel fully owns in Serbia additional projects totaling 178.2 MW ready to build.

MK Fintel Wind is a 46/54 joint venture between Serbia’s MK Group and Fintel Energia Group. It was set up in 2008 to invest in green energy projects in Serbia and the region.

($=0.8121 euro)