New Wind Farms in Serbia Supported by International Finance Corporation (IFC)
/7th May 2018, IFC, RENEWABLE MARKET WATCHTM/ Fossil fuels are, worldwide, the most important energy resource at the moment. Still, at the same time, they are the main source of air pollution and excessive heating of the lower tiers of the atmosphere. In Serbia, more than half of electricity generation stems from outdated coal-fired plants.
That’s why the nation is among the largest greenhouse gas emitters per capita in Europe. But this is about to change because Serbia’s wind power gives it a huge environmental advantage. Serbia has considerable renewable energy resources characterized by seasonal complementarity of solar and wind energy potentials. The calculated wind power in Serbia's windiest parts is comparable to the wind power of some of the windiest parts of Europe, situated in countries that are, not surprisingly, also the most active investors into wind energy facilities. The Koshava-wind region, characteristic of the Danube river valley between the towns Slankamen and Golubac, and Smederevska Palanka and Zrenjanin, has been identified as the windiest part of Serbia. There are also some mountainous regions with considerable wind energy potential.
When the Alibunar and Cibuk 1 wind farms whirr into action in 2019, Serbia’s as-yet-untapped renewable energy potential will become its power—literally. IFC is helping make this move possible, lending €19.1 million to Belgian renewable-energy firm Elicio to construct the 42-megawatt (MW) Alibunar wind farm. This will help reduce Serbia’s carbon emissions by more than 120,000 tons per year.
IFC is also providing a €107.7 million lending package to a joint venture developing a 158-MW wind farm, the largest in the Western Balkans. The €300 million Cibuk 1 wind farm is a partnership between Abu Dhabi Future Company Masdar, from the United Arab Emirates, and Cibuk Wind Holding, a subsidiary of U.S.-based developer Continental Wind Partners. The project will reduce an estimated 370,000 tons of carbon dioxide per year.
IFC’s support for renewable energy—via investments such as these and the years-long advisory work with the Serbian government that laid the foundation for these investments—reflects our commitment to improving electricity access. Together, these two wind farms will offer an electricity supply to more than 1.9 million residents in the northern province of Vojvodina. The amount of carbon emissions avoided by both projects is equivalent to taking over 100,000 vehicles off the road.
More information about Serbian wind power market you may read here: Western Balkans Wind Power Market: Outlook 2017÷2026
More information about IFC support for wind power projects in Serbia you may find here:
Serbia’s New Wind Farms Convert Potential into Power
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