The €160m project, Plandiste, will be developed by joint venture, NIS Energovind, which NIS together with private investors holds equal interests.

The new wind farm, which will feature 34 wind generation devices, is expected to be completed within a year. The output from the wind farm will be purchased by Elektroprivreda Srbije (EPS).

NIS will provide up to €23m in funding for the project and the remaining amount will be provided through the funds invested by the parterres of the project and credit resources.

NIS CEO Kirill Kravchenko said, "Appearance of Serbia’s first high tech wind farm will bring the country fulfilment of the European energy policy requirements and will increase the share of ‘green’ and environmentally friendly energy in the national energy balance.

"Generating electricity from a renewable source we reduce both environmental risks and our own costs, which is extremely important in a difficult economic situation."

NIS said that the start of the wind farm operation will depend on the term of adoption by the Serbian government a standard model of contract on guaranteed purchase of electricity produced from renewable sources.