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The Government of the Republic of Serbia

In the service of citizens

Financial construction for Kostolac wind farm completed

Belgrade, 29 January 2024

Minister of Mining and Energy Dubravka Djedovic Handanovic signed today amendments to the Special Agreement for the Renewable Energy Project Kostolac - Vetropark, between the Republic of Serbia, the German Development Bank KfW and Elektroprivreda Srbije.

Djedovic Handanovic pointed out that this agreement completes the financing of the project for the construction of the Kostolac wind farm with a capacity of 66 MW, worth €144 million, which is financed by a loan from the German KfW bank, the European Union with grants of €30 million and EPS funds.

The production of this power plant, i.e., its 20 wind turbines, will be enough to supply around 30,000 households with green energy, the Minister said.

Minister for European Integration Tanja Miscevic assessed that the construction of the Kostolac wind farm represents a confirmation of the partnership between Serbia, the European Union and the Federal Republic of Germany in the process of energy diversification and green energy transition.

Head of the EU Delegation in Serbia Emanuele Giaufret said that the Union provides strong support to Serbia in the energy transition process and that it is the most important partner of our country in this area.

This project, as he emphasised, is only one element of wider support for Serbia in the energy sector, which amounts to over €500 million.

Ambassador of the Federal Republic of Germany in Belgrade Anke Konrad said that through the regional climate partnership, that country is consistently focused on supporting the development of green energy in Serbia, as well as on energy connectivity in Europe.

The construction project of the Kostolac wind farm is financed by a loan from the German development bank KfW in the amount of EUR 80 million and a grant of €1.8 million, as well as a grant of €30 million from the European Union through the Western Balkans Investment Framework (WBIF), while €32.2 million is provided by EPS.