Masdar, in partnership with Taaleri Energia, has achieved financial close for the Čibuk 2 wind farm in Serbia.
The project, which will power 62,000 households, has secured a €144m debt facility.
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Financing for Čibuk 2 has been provided by commercial lenders UniCredit and Erste (Erste Group and Erste Bank Serbia).
The wind farm is being developed through Masdar Taaleri Generation, a joint venture between Masdar and Taaleri Energia, alongside New Energy Solutions, an important Serbian developer.
Nordex has been selected to supply the turbines for Čibuk 2 and will also be responsible for the operations and maintenance of the project under a 35-year service agreement.
The commencement of construction is a significant step forward, with the wind farm set to become operational by the first quarter of 2026.
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By GlobalDataČibuk 2 will offset 311,200t of carbon dioxide emissions annually.
The project will comprise 22 Nordex 7MW turbines and utilise the same grid connection as the Čibuk 1 wind farm, which was the largest of its kind in Serbia and the Western Balkans at the time of its completion in October 2019.
The completion of Čibuk 2 will elevate Masdar’s renewable capacity in Serbia to 312MW, establishing the Čibuk initiative as the largest operational wind farm in the country.
This aligns with Serbia’s aim to achieve a 41% renewable energy capacity by 2030.
Masdar CEO Mohamed Jameel Al Ramahi said: “The successful conclusion of financing for Čibuk 2 is another landmark in the development of renewable energy capacity in Serbia, a strategic market for Masdar as we expand into Central and Eastern Europe.
“Today’s announcement is a testament to investor confidence in the development of renewable energy in Serbia. Masdar plans to increase its investments in the region and we look forward to further strong support from the investment community.”
In September 2024, Masdar, EDF Renewables and Korea Western Power secured financing for the 1.5GW Al Ajban solar project in UAE.
