Masdar and Taaleri reach financial close on Serbia 154 MW wind farm

Abu Dhabi Future Energy Company (Masdar), the United Arab Emirates’ clean energy powerhouse, announced the financial close for the 154 megawatt (MW) Cibuk 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 Djedovic Handanovic, 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 Cibuk 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.

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

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 we expand into Central and Eastern Europe. Today’s announcement is testament to investor confidence in the development of renewable energy in Serbia. Masdar plans to increase its investments in the region and we look forward to further strong support from the investment community.”

Taaleri Energia Managing Director, Kai Rintala, commented: “Our investment in the neighbouring Čibuk-1 wind farm in 2017 has proven to be a success. The quality of the project development of the Cibuk-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 Stamenkovic, Member of Erste Bank Serbia’s Executive Board, added: “We are proud to highlight that Erste is providing 50 per cent of the total loan of for the Cibuk 2 wind farm project, with Erste Bank Serbia locally financing approximately EUR 45 million, and Erste Group covering the rest.

WAM