The EBRD has agreed funding of €58 million for the 105 MW Bajgora wind farm in northern Kosovo, it has announced.
The banks has signed a loan agreement with Israeli firm Enlight Renewable Energy, which is developing the project through its local project vehicle, Sowi Kosovo.
The wind farm will help to boost renewable energy supplies in Kosovo, which is heavily reliant on coal.
The €58 million loan is half of the total required financing for the project, with rest provided by Erste Group Bank and NLB Bank, both benefiting from cover provided by the German export credit agency Euler Hermes. The finance three years of EBRD work with the government to make legislative reforms to unlock project financing of renewables in the country.
Once constructed, the project will take Kosovo’s renewable installed capacity beyond 200 MW and give a significant boost towards achieving the 400 MW target the country has set itself to reach by 2026.
This is the largest private sector project that the EBRD has signed in Kosovo to date.