BDK Advokati successfully advised Enlight Renewable Energy Ltd. and Enlight K-2 Wind on the development and financing of the 94.4MW Pupin Wind Farm, slated for construction in the municipality of Kovačica.
The Pupin Wind Farm emerged as one of the successful bidders in last year’s market premium auction, and is the first one to secure project financing. Situated adjacent to the operational 104.5 MW Kovačica Wind Farm, also developed by Enlight Renewable Energy, these projects will collectively position Enlight Renewable Energy as one of the largest independent power producers in the Republic of Serbia.
Both the development and financing phases were successfully concluded during yesterday’s ceremony, attended by Minister of Mining and Energy, Dubravka Đedović Handanović. In a significant milestone, a long-term power purchase agreement was executed between State-owned power utility EPS and Enlight K-2 Wind, guaranteeing that the entire output of the project will be directed to the market. Additionally, Erste Bank AG, Erste Bank ad Novi Sad, and the European Bank for Reconstruction and Development have approved a financing package worth EUR 91.4 million for the construction of the project.
The BDK team was led by senior partner Dragoljub Cibulić. The finance team, comprising senior partner Dragoljub Sretenović and associate Ana Jovanović, advised the sponsor and the borrower in securing the necessary funding. Partner Milan Dakić and senior associate Djordje Zejak assisted on construction and real estate matters.
The Lenders were advised by White & Case and Harrisons.
