Enlight Renewable Energy has been approved for financing worth $101 million for construction of a new windfarm in Serbia, which the company will build, according to a March 27 press release.

Enlight said it received approval for the monetary package from The European Bank for Reconstruction and Development, Erste Group Bank AG through local bank Erste Bank a.d. Novi Sad.

EBRD and Erste will provide parallel loans, worth $50.5 million each, including the associated debt service reserve facilities. Enlight’s local subsidiary will use the proceeds to develop, construct and operate the 94-megawatt windfarm, which has been originated by Enlight and New Energy Solutions.

Enlight’s Pupin project, named in honor of Serbian scientist Mihajlo Pupin, is expected to begin commercial operations in the second half of 2025. It is an extension of the existing Kovacica (Blacksmith) windfarm in Vojvodina, which is also owned by Enlight and financed by the same lenders in 2017.

Once commissioned, the windfarm will have the capacity to supply electricity to more than 40,000 households.

The financing package will provide a major boost to the country’s goal of diversifying its energy mix, Enlight said. Coal still dominates electricity production in Serbia, and the financing will help the country diversify its energy mix.