Karanovic & Nikolic has advised the Belgian renewable energy group Elicio NV on the EUR 9.8 million financing its wholly-owned subsidiary Electrawinds Mali WF d.o.o. received from UniCredit Bank Serbia for the development, construction, and operation of the Malibunar wind park.
UniCredit Bank Serbia is the sole lender for the project, with funds provided within its Green for Growth Fund credit line. The financing is also complemented by a short term VAT bridge financing and interest rate hedging arrangements. After the signing of the financing agreement, the first debt disbursement, in the amount of EUR 3.2 million, took place on August 31, 2017.
The construction of the wind park began in November 2016, and the total value of the investment is around EUR 14 million. The project has the temporary status of a privileged power producer and a power purchase agreement was signed with the Serbian power utility Elektroprivreda Srbije. Elicio NV is a subsidiary of the Nethys Group – an energy and telecommunications groups from Belgium.
The Karanovic & Nikolic team was led by Partner Maja Jovancevic Setka and Senior Associates Petar Mitrovic and Ivona Vuckovic.