Kosava wind reaches financial close

MK Fintel Wind – a joint venture between MK Group (46%) and Fintel Energia Group (54%) – has reached financial close on the €117 million ($143 million) 69MW Kosava wind farm in Serbia.

Initial construction has been funded with a €90 million 24-month bridge loan from AIK Banka and is due to finish at the end of 2019. The project is located in Vrsac, near the border with Romania.

The long term financing comprises €81.5 million of 10-year debt provided by Erste Group, Erste Bank Serbia, UniCredit Serbia, Zagrebacka Banka and Development Bank of Austria (OeEB), which replaced EKF in the indicative term sheet circulated in 2016.