Enlight Renewable commences commercial operations at Pupin wind farm, Serbia

Enlight Renewable (ENLT) announced the initial commencement of commercial operations at the Pupin wind farm in Serbia with a production capacity of 94 MW. The company expects full COD to be achieved during 1Q25, half a year earlier than initially planned. The Project is expected to sell 72% of the electricity it generates for the next 15 years to the state-owned utility Elektroprivreda Srbije in accordance with a Market Premium Agreement and Contract for Difference structure priced at EUR 68.88 per MWh. The Pupin wind farm is Enlight’s second project in Serbia. The European Bank for Reconstruction and Development and Erste Group Bank provided financing for the Project. The Project’s total construction cost is expected to reach $155-1601M, and is fully owned by the company. Revenues in its first full year of operation are expected to be approximately $22M-$23M, and EBITDA is expected to be approximately $16M-$17M. Enlight has so far provided $52M-$54M of long-term equity for the Project, with the equity investment eventually expected to reach approximately 40% of total cost.