NIS acquires 50 percent stake in Plandiste wind farm project - Construction to kick off June 2013

Serbian oil and gas company NIS said it has formally taken over a 50% stake in the Plandiste wind park project in the Balkan country, SeeNews reports.

In December NIS signed an agreement with Serbia's Energowind to acquire 50% of the project, which envisages the construction of a 102 megawatt (MW) wind farm in the country's north.

At this moment the partners have equal shares in the project, but French company Akuo Energy expressed its intention to participate in the construction of the wind park and signed with Energowind a memorandum of understanding, NIS said in a statement on Monday.

The wind farm in the municipality of Plandiste will comprise 34 wind generators. The total value of the project amounts to 160 million euro ($209 million). NIS plans to use 23.5 million euro from its own funds to finance the project, while the remainder will come from loans from commercial banks.

Construction of wind generators is expected to kick off June with preparations for commissioning due to start Q1 2014.

NIS, 56.15%-owned by Russia's Gazprom Neft, is one of the largest vertically integrated companies in Southeast Europe. Main activities include the exploration, production and processing of oil and gas, as well as the production of a wide range of petroleum products.

Energowind is a private company specialised in the development of wind projects in Serbia.