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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 during a special ceremony on the sidelines of RES Serbia 2024. The event was attended by 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 through commercial lenders, UniCredit and Erste (Erste Group and Erste Bank Serbia), which are extending a €144 million debt facility. This funding underlines the feasibility and viability of renewable energy projects in Serbia, further boosting investor confidence in the sector.
Masdar and Taaleri Energia have jointly developed Čibuk 2 via their joint venture, Masdar Taaleri Generation, in partnership with New Energy Solutions, a leading developer in Serbia. The project will feature 22 Nordex 7MW turbines, with Nordex also providing operations and maintenance services under a 35-year contract.
Construction on the Čibuk 2 wind farm has already commenced, and the project is expected to be operational by the first quarter of 2026. Once completed, Čibuk 2 will generate enough renewable energy to power around 62,000 households annually and offset 311,200 tonnes of carbon dioxide emissions each year.
Sharing the same grid connection point as the 158MW Čibuk 1 wind farm, Čibuk 2 will add to the combined capacity of 312MW, making the Čibuk project the largest operational wind farm in Serbia. Čibuk 1, operational since October 2019, was the largest utility-scale wind project in Serbia and the Western Balkans at the time.
Masdar CEO Mohamed Jameel Al Ramahi noted that the successful financing of Čibuk 2 marks another milestone in Serbia’s renewable energy development. He emphasized the strategic importance of Serbia as Masdar continues its expansion into Central and Eastern Europe. Al Ramahi also underscored the strong investor confidence in Serbia’s renewable energy market, stating that Masdar plans to increase investments in the region, with expectations of further support from the investment community.
Taaleri Energia Managing Director Kai Rintala expressed his optimism about the project, drawing from the success of their earlier investment in the Čibuk 1 wind farm in 2017. He praised the quality of the Čibuk 2 project’s development, financing, and the secured turbine package, which gives confidence that the project will achieve similar success as Čibuk 1, backed by the Taaleri SolarWind III Fund.
Erste Bank Serbia, a key financier in the project, is providing 50% of the total loan for Čibuk 2, with a local financing contribution of approximately €45 million from Erste Bank Serbia, while the remainder is covered by Erste Group. Nikola Stamenković, a member of Erste Bank Serbia’s Executive Board, highlighted that this is the largest single green financing the bank has provided to date. The project also represents the sixth wind farm financed by Erste Bank Serbia, further reinforcing its leadership in supporting green energy projects in the country.
Nikola Vuletić, CEO of UniCredit Bank Serbia, also spoke about the importance of this project in contributing to a sustainable future for the region. He noted that UniCredit is recognized as a leading financier of large wind farms, having independently financed three out of the five operational wind farms in Serbia. Vuletić added that supporting investments in renewable energy infrastructure is a significant step toward fulfilling shared responsibilities to future generations.
