Fintel Energija expanding business to Russia

(Tiziano Giovannetti, Director of Fintel Energija a.d.) Fintel Energija a.d, one of the crucial investors in renewable energy sources in Serbia, announced the foundation of its new company in Russia called Fintel Russian Ventures OOO.

The company will deal in designing and management of two renewable energy sources located in Saratov and Ulyanovsk Oblasts in Volga Federal District. The first wind park that will be built in the Novoulyanovsk industrial zone will have six wind turbines with 4.2 MW of power each, and total power amounting to 25,2 MW.

EUR 32 million will be invested in the first project, and the financing will be done according to international standards.

The construction of the Novoulyanovsk wind farm, which will produce 75.6 GWh of clean energy per year and will be able to fulfill the needs of 18,000 Russian households, will be finished by the end of 2020.

The second project located in Saratov consists of 65 wind turbines with the total power of 273 MW.

Fintel Energia Group SPA, the owner of Fintel Energija a.d. is planning to organize funds for the projects' construction in Russia through 7-year wind bond emission plan.

– We are very excited to be able to expand out business to Russian market,where we see a great potential and the experience from the Balkans where we are well-known and appreciated, will be of great value, the director of Fintel Energija a.d. Tiziano Giovanetti said.

Fintel Energija a.d. is doing business in the Balkans for a decade now and represents the crucial investor in this sector in Serbia. Duringthis time the company has built and opened the first two wind farms in Serbia and started the construction of the third and the biggestwind farm so far.

At the end of July, the company officially started the process of the company`s first initial public offering (IPO) at the Belgrade Stock Exchange. This was the first financial operation of its kind in the BSE after 78 years and the company is going to issue 6,500,000 regular shares at the nominal value of RSD 500 per share .