Pupin Wind Farm Commences Commercial Operations
The Pupin Wind Farm is an exciting new development for the renewable energy sector. With a notable capacity of 94 megawatts, this innovative project represents a significant investment of approximately $155-160 million. In its inaugural year, it is anticipated that this wind farm will generate around $22-23 million in revenues, along with an impressive EBITDA of about $16-17 million. These figures reflect the growing importance of wind energy in achieving sustainable energy solutions.
Key Features of the Project
The wind farm features 16 state-of-the-art Nordex wind turbines, which are among the best in the industry. The strategic plan is to sell approximately 72% of the electricity produced over the next 15 years to the local utility, Elektroprivreda Srbije. This is facilitated through a favorable Market Premium Agreement, which guarantees a price indexed to inflation. As of mid-2024, the price of electricity sold has reached an indexed value of EUR 70.88 per megawatt-hour, providing further financial assurance for the project's viability.
Significance for Local Energy Supply
The Pupin Wind Farm is set to meet the annual electricity needs of approximately 40,000 households in Serbia. By harnessing wind energy, Enlight Renewable Energy is not only contributing to a greener future but also supporting local communities by providing them with a reliable energy source. This project aligns with the company's broader mission to expand its footprint in renewable energy across Southeastern Europe.
Expansion of Enlight's Operations in Serbia
Pupin is Enlight's second project in Serbia, following the successful completion of the Blacksmith (Kovacica) wind farm in 2019. Together, these projects share critical infrastructure, which enhances the efficiency of operations and reduces costs. This approach exemplifies Enlight's “Connect and Expand” strategy, where existing resources are utilized efficiently to enhance the development of new projects.
Collaborative Financing for Success
The European Bank for Reconstruction and Development (EBRD) and Erste Group Bank AG played vital roles in financing the Pupin project. Their long-standing relationship with Enlight, developed through multiple projects, underscores a commitment to advancing renewable energy initiatives in the region. By leveraging this collaboration, the Pupin Wind Farm was constructed on schedule and within budget.
Vision for the Future
Marko Liposcak, the General Manager of Enlight Europe, expressed excitement about the new project: "The commissioning of the Pupin wind farm further solidifies our presence in a market rich in potential for renewable energy. We're eager to build on this momentum and continue partnering with organizations that share our vision for a sustainable future."
About Enlight Renewable Energy
Established in 2008, Enlight has grown into a leader in the development, financing, construction, ownership, and operation of large-scale renewable energy projects worldwide. With a footprint that spans solar, wind, and energy storage markets, Enlight is actively operating across multiple continents, including North America, Europe, and Israel. The Company became publicly traded on the NASDAQ in 2023, which signifies its commitment to expanding its market influence and operational capacity.
Contact Information
For inquiries, please contact:
Yonah Weisz
Director IR
investors@enlightenergy.co.il
For additional assistance, you may reach:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Frequently Asked Questions
What is the capacity of the Pupin Wind Farm?
The Pupin Wind Farm has a capacity of 94 megawatts and aims to supply energy for about 40,000 households.
Who financed the Pupin Wind Farm?
The construction of the Pupin Wind Farm was financed by the European Bank for Reconstruction and Development (EBRD) and Erste Group Bank AG.
How much revenue is expected in the first year?
In its first full year of operation, the Pupin Wind Farm is expected to generate approximately $22-23 million in revenue.
What is Enlight's role in renewable energy?
Enlight Renewable Energy develops, finances, and operates large-scale renewable energy projects across solar, wind, and energy storage segments globally.
When will the wind farm reach full operations?
Full commercial operations at the Pupin Wind Farm are expected to be achieved by the first quarter of 2025, ahead of the initial timeline.
