Enlight Announces the Initial Commencement of Commercial Operations at the Pupin Wind Farm in Serbia
Enlight Renewable Energy announces initial commercial operations at the Pupin wind farm in Serbia, featuring 94 MW capacity. The project, costing $155-160 million, utilizes 16 Nordex wind turbines and is expected to reach full operations in Q1 2025, six months ahead of schedule.
The facility will sell 72% of its electricity to state-owned Elektroprivreda Srbije for 15 years at €70.88/MWh (indexed). Expected to power 40,000 Serbian households, Pupin is Enlight's second Serbian project, built adjacent to their 105 MW Blacksmith wind farm. The project is projected to generate $22-23 million in revenues and $16-17 million in EBITDA in its first full year.
Enlight Renewable Energy annuncia l'avvio delle operazioni commerciali iniziali presso il parco eolico Pupin in Serbia, con una capacità di 94 MW. Il progetto, che ha un costo di 155-160 milioni di dollari, utilizza 16 turbine eoliche Nordex e si prevede raggiungerà le operazioni complete nel primo trimestre del 2025, sei mesi prima del previsto.
La struttura venderà il 72% della sua elettricità all'azienda statale Elektroprivreda Srbije per 15 anni a €70,88/MWh (indicizzato). Si prevede che fornisca energia a 40.000 famiglie serbe, Pupin è il secondo progetto serbo di Enlight, costruito adiacente al loro parco eolico Blacksmith da 105 MW. Si prevede che il progetto genererà ricavi tra 22 e 23 milioni di dollari e un EBITDA tra 16 e 17 milioni di dollari nel suo primo anno completo.
Enlight Renewable Energy anuncia el inicio de operaciones comerciales en el parque eólico Pupin en Serbia, con una capacidad de 94 MW. El proyecto, que cuesta entre 155 y 160 millones de dólares, utiliza 16 turbinas eólicas Nordex y se espera que alcance operaciones completas en el primer trimestre de 2025, seis meses antes de lo programado.
La instalación venderá el 72% de su electricidad a la empresa estatal Elektroprivreda Srbije durante 15 años a €70,88/MWh (indexado). Se espera que suministre energía a 40,000 hogares serbios; Pupin es el segundo proyecto serbio de Enlight, construido junto a su parque eólico Blacksmith de 105 MW. Se proyecta que el proyecto genere entre 22 y 23 millones de dólares en ingresos y entre 16 y 17 millones de dólares en EBITDA en su primer año completo.
Enlight Renewable Energy는 푸핀 풍력발전소에서 초기 상업 운영을 시작했다고 발표했습니다. 이 발전소는 94 MW의 용량을 가지고 있습니다. 이 프로젝트의 비용은 1억 5천만에서 1억 6천만 달러이며, 16개의 Nordex 풍력 터빈을 사용하고 있으며, 2025년 1분기에는 계획보다 6개월 빠르게 전체 운영을 시작할 것으로 예상됩니다.
이 시설은 15년 동안 국영 Elektroprivreda Srbije에 72%의 전력을 €70.88/MWh(지수화된 가격)로 판매할 예정입니다. 40,000 가구에 전력을 공급할 것으로 예상되는 푸핀은 Enlight의 두 번째 세르비아 프로젝트로, 105 MW의 블랙스미스 풍력발전소 옆에 세워졌습니다. 이 프로젝트는 첫 해에 2200만에서 2300만 달러의 수익과 1600만에서 1700만 달러의 EBITDA를 생성할 것으로 예상됩니다.
Enlight Renewable Energy annonce le début des opérations commerciales initiales au parc éolien Pupin en Serbie, avec une capacité de 94 MW. Le projet, d'un coût de 155 à 160 millions de dollars, utilise 16 éoliennes Nordex et devrait atteindre son opérationnalisation complète au premier trimestre 2025, soit six mois avant le calendrier prévu.
La centrale vendra 72% de son électricité à l'entreprise d'État Elektroprivreda Srbije pendant 15 ans au tarif de 70,88 €/MWh (indexé). Elle devrait alimenter 40 000 foyers serbes; Pupin est le deuxième projet serbe d'Enlight, construit à côté de leur parc éolien Blacksmith de 105 MW. Le projet devrait générer entre 22 et 23 millions de dollars de revenus et entre 16 et 17 millions de dollars d'EBITDA lors de sa première année complète.
Enlight Renewable Energy kündigt den Beginn der ersten kommerziellen Operationen im Pupin Windpark in Serbien an, der eine Kapazität von 94 MW hat. Das Projekt kostet zwischen 155 und 160 Millionen Dollar und nutzt 16 Nordex Windturbinen. Es wird erwartet, dass es im ersten Quartal 2025, sechs Monate vor dem Zeitplan, in den Vollbetrieb geht.
Die Anlage wird 72% ihres Stroms für 15 Jahre zum Preis von 70,88 € / MWh (indexiert) an die staatliche Elektroprivreda Srbije verkaufen. Der Pupin-Windpark soll 40.000 serbische Haushalte mit Strom versorgen und ist Enlights zweites Projekt in Serbien, das neben ihrem 105 MW starken Blacksmith-Windpark errichtet wurde. Es wird erwartet, dass das Projekt im ersten vollen Jahr Einnahmen zwischen 22 und 23 Millionen Dollar sowie ein EBITDA zwischen 16 und 17 Millionen Dollar generiert.
- Project completion 6 months ahead of schedule
- Secured 15-year power purchase agreement for 72% of production
- Expected annual revenue of $22-23 million
- Projected EBITDA of $16-17 million
- Strategic location sharing infrastructure with existing wind farm
- Project completed within budget
- Significant capital investment required ($155-160 million)
- Large equity commitment needed (approximately 40% of total cost)
Insights
Pupin incorporates 94 MW of wind generation capacity, cost
The Project is expected to reach full operations in 1Q25, half a year earlier than planned
TEL AVIV, Israel, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces the initial commencement of commercial operations at the Pupin wind farm (“the Project”) in Serbia with a production capacity of 94 megawatts. The Company expects full COD to be achieved during 1Q25, half a year earlier than initially planned.
Pupin has been constructed using 16 Nordex wind turbines, a German company that is one of the leading producers of turbines globally. The Project is expected to sell
The Pupin wind farm is Enlight's second project in Serbia, and is named after Mihajlo Pupin, a well-known physicist and inventor born in Serbia. The Project was built adjacent to the 105 MW Blacksmith (Kovacica) wind farm, Enlight’s first wind farm in the country, which was completed in 2019. Both projects share the same electrical infrastructure at the connection point to Serbia’s national grid. This represents another implementation of the Company’s “Connect and Expand” strategy, which seeks to leverage existing interconnect infrastructure with additional generation and connection capacity, in turn lowering the costs and risks of building new sites.
The European Bank for Reconstruction and Development (EBRD) and Erste Group Bank AG provided financing for the Project. Both banks are leading sources of infrastructure finance in Europe, and were also the lenders for the Blacksmith (Kovacica) wind farm as well as other Enlight projects in the past. The deep and continued collaboration with the same financing and development partners further enhanced the successful execution of project Pupin, which was constructed within budget and reached COD earlier than planned.
The Project’s total construction cost is expected to reach
Marko Liposcak, General Manager of Enlight Europe, commented, “The commissioning of project Pupin further increases Enlight Europe’s presence in Serbia, a market where we are already successfully operating renewable energy assets. We are very happy that the project benefitted from continued collaboration with New Energy Solutions, EBRD, and ERSTE Group Bank AG, all highly valued partners who supported the development and construction of the Pupin wind farm. Today’s Commencement of Commercial Operations represents an important milestone on Enlight Europe’s growth path, and we look forward to continuing our expansion across Southeastern Europe.”
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.
Contacts:
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
1 Amounts in U.S. dollars are converted based on a Euro to US Dollar of 1.117, as employed in the Company’s 3Q24 financial statements.
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