Abu Dhabi-based Masdar has announced achieving financial close on its 154MW Čibuk 2 wind farm project in Serbia, an important step in Serbia’s renewable energy development.
The agreement was concluded at the RES Serbia 2024 forum. The Minister of Mining and Energy of Serbia, Dubravka Djedović Handanović, Masdar CEO Mohamed Jameel Al Ramahi, and Taaleri Group CEO Peter Ramsay were present at the signing. Masdar and Taaleri Energia, through their joint venture Masdar Taaleri Generation, are developing the project in partnership with New Energy Solutions-a leading Serbian developer in the renewable energy sector.
The project is sponsored by UniCredit and Erste, which have offered a debt facility of EUR 144 million. This signifies a financial support for green energy projects in Serbia. Nordex concluded the deal to provide the turbines and run operations based on a 35-year long-term contract.
Čibuk 2 has started construction and is expected to complete by the first quarter of the year 2026. The wind farm will power enough electricity to power 62,000 houses while avoiding the emission of 311,200 tons of carbon dioxide annually.
The turbines are 22 Nordex 7MW units, used in conjunction with the existing grid connection on the existing 158MW Čibuk 1 wind farm. Together, they will represent the largest operational wind farm in Serbia, with combined capacity of 312MW.
Masdar CEO Mohamed Jameel Al Ramahi underscored this project as strengthening Serbia as a strategic market for Masdar. “The trust invested here through the development of renewable energy in Serbia will be amplified, and we are keen on growing this investment volume in the area,” he stated
The Čibuk 2 project has been optimistic, given the success of Čibuk 1. “Strong development and financing give good confidence for future growth,” said Kai Rintala, Managing Director at Taaleri Energia.
