International lenders back Serbia's largest site

SERBIA: The International Finance Corporation (IFC) and the European Bank of Reconstruction and Development (EBRD) have invested €215 million in the 158MW Cibuk 1 site in northern Serbia.

Serbia's first wind project was completed in 2015
Serbia's first wind project was completed in 2015

The finance package will go towards the €300 million project being developed by Vetroelektrane Balkana.

The developer is owned by Tesla Wind — a 60:40 joint venture between United Arab Emirates-based investor Masdar and Cibuk Wind Holding, a subsidiary of US developer Continental Wind Partners, the EBRD said.

Project financing also includes loans from Banca Intesa, Erste Bank, UniCredit, and the Green for Growth Fund, according to Masdar.

The site, located 50km north-east of capital Belgrade, will comprise 57 GE 2.75-120 turbines when it is completed in 2019. It will be Masdar's first European onshore wind project in Europe. It also owns stakes in three UK offshore wind projects.

"The development of the largest wind farm in the western Balkans is a pivotal moment for the expansion of renewables in the region and positions Serbia at the forefront of Europe's fastest-growing alternative energy sector," said Tesla Wind chairman Yousif Al Ai.

The project is the latest in a series of project developments happening in Serbia since the government passed legislation in August 2016 backing 500MW of wind in new power laws.

Last month, the IFC pledged a €19.1m loan to Belgian developer Elicio to build a 42MW site, also in northern Serbia.

In June, Serbia elected Ana Brnabic as its prime minister. Brnabic was previously a director at Continental Wind Partners in Serbia and led the country's wind power association.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in