BDK Advokati has advised Enlight Renewable Energy, as the sponsor, and Electrawinds K-Wind, as the borrower, on the EUR 142 million project financing of Serbia's 104.5 MW Kovacica Wind Farm provided by parallel loans from Erste Group Bank AG (supported by the German Export Credit Agency Euler-Hermes), Erste Bank Serbia, and the EBRD. Dentons was international counsel to Enlight, and the lenders reportedly were advised on international law by Norton Rose Fulbright and by Harrisons on local legal matters.
BDK Advokati describes the deal as "Serbia’s first large-scale energy project financing transaction to have successfully reached financial close."
The total project value of the Kovacica wind farm is approximately EUR 189 million. The wind farm will consist of 38 GE 2.75-120 wind turbines, and will provide electricity to more than 65,000 homes in northern Serbia while reducing Serbia’s annual CO2 output by approximately 247,000 tons, in the process contributing to the country's goal to raise the share of energy consumption from renewable energy sources to 27 percent by 2020.
The BDK Advokati team was led by Senior Partner Dragoljub Cibulic with support from Senior Associate Jelena Zelenbaba and Associates Dragoljub Sretenovic and Djordje Zejak.
The Dentons team included Counsels Agnieszka Kulinska and Agnieszka Lipska.
The Harrison's team advising the lenders consisted of Consultant Ines Matijevic-Papulin and Senior Associate Jovan Cirkovic, assisted by Lawyers Stefan Nesic and Mina Markovic and Associate Vladimir Boskovic.