Elicio has also been backed by the Netherlands Development Finance Company, UniCredit and the Green for Growth Fund, which, together, have provided €40 million in loans for the 42MW Alibunar project.
German manufacturer Senvion is set to supply its MM100 2MW turbine to the site, which is due online next year, according to Windpower Intelligence, the research and data division of Windpower Monthly.
According to the IFC, around 70% of Serbia's electricity is produced by coal plants.
"The Alibunar wind farm is the largest wind farm project financed in Serbia to date," said IFC head of infrastructure in Europe, the Middle East and North Africa. Wiebke Schloemer.
In August 2016, the Serbian government approved new renewable energy laws on power purchasing agreement criteria and incentives. The legislation confirmed a feed-in-tariff of €92/MWh for 12 years.
Earlier in 2016, the energy ministry revealed a list of projects that would make up the total 500MW capacity cap to which the new rules applied, including two Elicio projects, one of which was Alibunar.
Ludo Vandervelden, general manager of Elicio, said: "The recent amendments to the renewable energy laws paved the way for us to reach this important milestone and finally start construction, after years of ground-breaking development work."