Karanović & Nikolić advised the Belgian renewable energy group, Elicio NV, on the 9.8 million euro financing of the Malibunar wind park. UniCredit Bank Serbia and Electrawinds Mali WF d.o.o, a Serbian subsidiary 100% owned by Elicio, signed a long-term financing agreement for the development, construction and operation of the wind park located in South Banat.
UniCredit Bank Serbia is the sole lender for the project, with funds provided within Green for Growth Fund credit line. Also, the financing is 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 the 31st of August 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 signed power purchase agreement with the Serbian power utility Elektroprivreda Srbije (EPS). Elicio NV is a subsidiary of the Nethys Group – an energy and telecommunications groups from Belgium.
The Elicio actively operates within all aspects of renewable energy, with a firm commitment towards improving the environment. Most of the power produced by the company comes from wind turbines, and they have been active in the developing, engineering, constructing and running of renewable energy projects for more than 20 years.