News & Analysis

/Belgrade, Serbia, September 23, 2024, 10:00 BST, Masdar/ Abu Dhabi Future Energy Company PJSC – Masdar, the United Arab Emirates’ clean energy powerhouse, today announced the financial close for the 154 megawatt (MW) Čibuk 2 wind farm in Serbia. The financial close agreement was signed at a special ceremony on the sidelines of RES Serbia 2024 in the presence of Serbia’s Minister of Mining and Energy, Dubravka Djedović Handanović, Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, Taaleri’s Group CEO, Peter Ramsay and Taaleri Energia Managing Director, Kai Rintala.

Non-recourse project financing for Čibuk 2 has been secured via commercial lenders, UniCredit and Erste (Erste Group and Erste Bank Serbia), who are extending a EUR 144 million debt facility, a testament to the feasibility and the viability of renewable energy projects in Serbia.

Čibuk 2 has been developed 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.

Construction on the 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.

Consisting of 22 Nordex 7MW turbines, it will share the same grid connection point as the 158MW Čibuk 1 wind farm, which was the largest utility-scale wind project in Serbia and the Western Balkans when it became operational in October 2019. 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. UniCredit Bank acted as financial advisor and creditor for the refinancing of Čibuk 1 two years ago.

The Serbia has set a target of 41 percent 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.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

The more information and answers to your questions about the Serbian and Central East and South East European wind energy market and related content (incl. list of wind energy developers and investors, data, and forecasts), you may read here: Central East and South East Europe Power Market Outlook 2024 ÷ 2033

To download the executive summary brochure with sample pages for the European solar power market, please access from here: Central East and South East Europe Wind Power Market Outlook 2024 ÷ 2033 – Sample

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