UniCredit Bank Serbia and Elicio invest in renewable energy

UniCredit Bank Serbia and Electrawinds Mali WF d.o.o, a Serbian subsidiary 100% owned by Belgian renewable energy producer Elicio, signed a long-term financing agreement in the total amount of EUR 9.8 million for the development, construction and operation of the Malibunar wind farm, whose construction started in November 2016. It is after thorough due diligence on regulatory, legal, technical and insurance matters, that on August 31st 2017 the first debt disbursement took place, in the amount of EUR 3.2 million.

UniCredit Bank Serbia is heading the project as sole lender, utilizing funding provided by Green for Growth Fund (GGF). The financing is complemented by short-term VAT bridge financing and interest rate hedging arrangements.

The total value of the investment in Malibunar, located in the municipality of Alibunar in South Banat, is around EUR 14 million. The wind farm will consist of 4 Senvion MM 100 turbines with a total installed capacity of 8 MW. It is estimated that, upon the completion of the construction, Malibunar will annually generate 25GW hours of electricity which equals the yearly consumption of 7,200 households. The project will contribute towards lowering CO2 emissions with 15,800 tons per year.

On this occasion, Csilla Ihasz, Chairwoman of the Management Board of UniCredit Bank Serbia, stated: “We are very proud that UniCredit Bank’s wide experience in the field of renewable energy financing is recognized and that we are entrusted the role of being Malibunar’s sole lender. The fact that we, once again, participate in a project of huge importance for this country is yet again proof that we continue to follow and support the development of this sector. This is evidenced by our current portfolio that also includes mini hydro and solar parks. As a pioneer on the local market, our ambitions are big and we will continue to go in this direction.”

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