In October 2022, OeEB provided EUR 26.6 million for the expansion and operation of a 103.3 MW windfarm in Serbia. This is the first windfarm in Serbia and the Balkans to be financed on the basis of a private power purchase agreement.

Project name WPP Krivaca
Region Southeast Europe
Sector Energy / Resource efficiency / Infrastructure 
Service Investment Finance
Project Country Serbia
OeEB project volume EUR 26.6 million
International climate finance according to UNFCCC Yes
Additionality Financial additionality 
Projekt partner(s) Ivicom Energy doo Beograd

Serbia covers most of its electricity needs from domestic electricity production. More than 70% of electricity is currently produced in coal-fired power plants, 25% is covered by hydropower. At the same time, however, the country has great potential for wind-generated electricity.

The Krivaca wind power plant, being built 100 km south-east of Belgrade on the border with Romania, lays a foundation for the further development of renewable energy in the region. Once completed, the 103.3 MW wind farm is expected to generate 310 GWh of electricity (1% of Serbia's electricity consumption) annually and supply 75,000 households.

The project was developed by Ivicom Holding GmbH, based in Vienna, together with the then co-investor IFC. The sponsors of the project are the Serbian MK Group and a Slovenian fund ALFI Green Energy Fund. The wind turbines are produced and installed by the renowned wind turbine manufacturer Nordex.

The project financing was arranged by the Austrian Erste Group Bank. In addition to Erste and OeEB, RBI and the Slovenian NLB are also involved in the syndicate. OeEB has also taken on the informal role of E&S expert for the project and provided recommendations to ensure compliance with all applicable IFC performance standards and EDFI standards.