Abu Dhabi’s Masdar secures €144mn financing for Serbian wind farm Čibuk 2

The project achieved financial closure following securing non-recourse financing from commercial lenders, UniCredit and Erste (Erste Group and Erste Bank Serbia).

The lenders will extend a EUR 144 million ($160 million) debt facility.

Čibuk 2 wind farm project is a joint venture by Masdar and Taaleri Energia, via their joint venture development vehicle Masdar Taaleri Generation, in partnership with New Energy Solutions, one of the leading developers in Serbia.

Nordex is supplying the turbines and will also provide operations and maintenance services for the project under a 35-year contract.

Masdar Chief Executive Officer, 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 the company expands into Central and Eastern Europe.

“Masdar plans to increase its investments in the region and we look forward to further strong support from the investment community,” he said.

Taaleri Energia Managing Director, Kai Rintala, said: “The quality of the project development of the Čibuk-2 wind farm, and the financing, offtake and turbine package that we have secured, gives us confidence that we will be able to repeat that success with the Taaleri SolarWind III Fund.”

Nikola Stamenković, Member of Erste Bank Serbia’s Executive Board, said the debt deal with the Čibuk-2 wind farm project marked the largest single green financing Erste Bank Serbia has provided to date.

“We are proud to highlight that Erste is providing 50 per cent of the total loan for the Čibuk 2 wind farm project, with Erste Bank Serbia locally financing approximately EUR 45 million ($50 million), and Erste Group covering the rest,” he said.

Masdar advances clean energy goals

Construction of the Čibuk-2 wind farm project has already begun and it is expected to be operational by the first quarter of 2026.

Čibuk 2 will produce enough renewable energy to power around 62,000 households and displace 311,200 tonnes of carbon dioxide during each year of operation.

When completed, Čibuk 2 will bring Masdar’s total renewable energy capacity in Serbia to 312MW and make the combined Čibuk project the largest operational wind farm in Serbia.

Serbia has set a target of 41 per cent renewable energy capacity by 2030 and Masdar is working hand in hand with the Serbian government and local partners to support the nation’s clean energy ambitions.