Čibuk 1 windfarm has commenced commercial operations to supply clean energy in Serbia. It has a capacity of 158MW and will generate enough energy to power 113,000 households in regions and reduce CO2 emissions by 370,000 tonnes per year.
Located 50km from Belgrade, Čibuk 1 is a €300m project developed with financial support provided by the European Bank for Reconstruction and Development (EBRD) and World Bank’s International Finance Corporation (IFC).
The windfarm is equipped with 57 turbines and spans 37km2 in Mramorak. It is the second project supported by EBRD in Serbia after the Kovačica windfarm.
For this project, EBRD arranged a syndicated loan of €107.7m, of which €55m was syndicated to Erste Bank, the Green for Growth Fund, UniCredit and Banca Intesa.
IFC provided another €107.7m, out of which certain amount was provided through Managed Co-Lending Portfolio Program and partially through syndicated B loans.
EBRD Western Balkans regional director Zsuzsanna Hargitai said: “Investment in renewable energy is at the core of our energy strategy and we are very pleased to see Serbia making such good progress in renewables and to have been able to support these efforts.”
The windfarm was developed by Tesla Wind’s wholly-owned Serbian company Vetroelektrane Balkana, a joint venture (JV) of Abu Dhabi-based energy company Masdar the Taaleri SolarWind I fund and the German development finance institution Deutsche Investitions und Entwicklungsgesellschaft (DEG).
Masdar CEO Mohamed Al Ramahi said: “In collaboration with the government of Serbia, our fellow shareholders in Tesla Wind, the lenders, contractors and our many other partners, Masdar is proud to successfully deliver the largest utility-scale commercial wind project in the Western Balkans.
“Čibuk 1 is not only a bold statement as to Serbia’s long-term renewable energy ambitions and its commitment to modernise its power sector, but also an investment in Serbia’s energy security.
“Together, we have delivered a truly outstanding project, a marvel of engineering that has created jobs and delivered lasting improvements in infrastructure.”