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The largest wind power project in Serbia and the Western Balkans, with a capacity of 158 MW, has been successfully launched -
The EBRD organized a syndicated loan of 107.7 million euros -
Second wind farm in Serbia supported by the EBRD
SerbiaThe largest Čibuk 1 wind farm, with a maximum capacity of 158 MW, has started operations, generating sustainable, emission-free electricity to supply 113,000 homes and reduce CO emissions2 emissions of 370,000 tonnes per year.
Čibuk 1 covers a 37 km site2 in Mramorak, 50 km from the capital Belgrade, and includes 57 wind turbines. This is the second wind project in Serbia supported by the EBRD and follows the successful completion of the Kovačica Wind Farm earlier this month.
The €300 million project was developed with financial support from the EBRD and IFC. The EBRD established a syndicated loan of €107.7 million, of which €55 million was syndicated to Erste Bank, Green for Growth Fund, UniCredit and Banca Intesa under an A/B loan structure.
In parallel, the World Bank IFC provided €107.7 million, partly through its managed co-lending portfolio program and partly through syndicated B loans.
Čibuk 1 was developed by Vetroelektrane Balkana, a Serbian company wholly owned by Tesla Wind, a joint venture between MasdarAbu Dhabi Future Energy Company, Taaleri SolarWind I fund (managed by Finnish renewable energy infrastructure fund manager and developer Taaleri Energia) and the German development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH.
The inauguration of the 300 million euro project took place in the presence of Aleksandar Vučić, President of the Republic of Serbia, Aleksandar Antić, Serbian Minister of Mines and Energy, Thani Ahmed Al Zeyoudi, Minister of Change Climate and Environment of the United Arab Emirates, Mubarak Saeed Al Dhaheri, United Arab Emirates. Ambassador to Serbia, and Khaled Al Qubaisi, CEO of Aerospace, Renewable Energy and ICT for Mubadala.
Zsuzsanna Hargitai, EBRD Regional Director for the Western Balkans, said: “Investing in renewable energy is at the heart of our energy strategy and we are very happy to see Serbia making such good progress in the energy sector. renewables and to have been able to support these efforts. »
Mohamed Al Ramahi, CEO of Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, said: “Together with the Government of Serbia, our co-shareholders of Tesla Wind, lenders, entrepreneurs and our many other partners, Masdar is proud to successfully deliver the largest large-scale commercial wind project in the Western Balkans. Čibuk 1 is not only a bold statement about Serbia’s long-term renewable energy ambitions and commitment to modernizing its electricity sector, but also an investment in Serbia’s energy security. Together we delivered a truly exceptional project, an engineering marvel that created jobs and made lasting infrastructure improvements. Even more, we have invested in founding the renewable energy sector in Serbia, helping to create a legacy that will support the development of future projects.
Čibuk 1 will contribute to Serbia’s goal of increasing the share of energy consumption from renewable sources to 27 percent by 2020, while reducing its dependence on electricity generation at from coal.
The EBRD is one of the largest institutional investors in Serbia. The Bank has to date invested more than 5 billion euros in 250 projects in the country. The EBRD supports private sector development and the transition to a green economy, and invests in infrastructure to strengthen connectivity in the Western Balkans region.