MK Group and Slovenian investment fund Alfi Green Energy Fund are investing €155m in the Krivaca wind farm.
Krivaca is the first such development to be built in eastern Serbia, covering 56 square kilometres of the Municipality of Golubac.
With a capacity of 105.6MW and 22 wind turbines, it will produce around 310GWh of green electricity annually. This is equivalent to supplying about 75,000 households and reducing carbon dioxide emissions by about 115,000 tonnes per year.
Erste Group, as the main creditor and agent, initiated and structured the transaction and invited other banks to join the lenders consortium in the financing of the renewable energy project.
With construction starting at the end of last year, the wind farm is expected to be fully operational at the end of 2023.
Mihailo Jankovic, CEO of MK Group, stated: “MK Group has been investing in renewable energy sources for years and our long-term strategy is further expansion in this area. We are working on the development of wind energy projects with a total capacity of over 320MW, as well as solar energy with a capacity of 660MW, which are investments worth close to €1bn planned for the next five years, which we are realizing through joint ventures and solo investments.”