10:05 AM EST, 12/10/2024 (MT Newswires) -- Enlight Renewable Energy ( ENLT ) said it has begun commercial operations at its 94-megawatt Pupin wind farm in Serbia.

The company said the facility is projected to generate $22 million to $23 million in revenue and $16 million to $17 million in earnings before interest, taxes, depreciation, and amortization during its first year.

The wind farm is expected to be fully operational in Q1, earlier than planned, Enlight said.

Pupin will sell 72% of its electricity to state utility Elektroprivreda Srbije under a 15-year agreement tied to Eurostat inflation rates, the company added.

The facility, which cost $155 million to $160 million to build, is expected to provide renewable power to about 40,000 households annually once fully operational, Enlight said.

Financing was provided by the European Bank for Reconstruction and Development and Erste Group Bank, with Enlight contributing $52 million to $54 million in long-term equity to date, the company said.

Shares of the company were up 1.8% in recent Tuesday trading.

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