In a major milestone for renewable energy in Serbia, Masdar and the Taaleri SolarWind III Fund have reached financial close on the 154MW Čibuk 2 wind farm. The project financing, provided by UniCredit and Erste Bank, was announced during RES Serbia 2024 in the presence of key figures, including Serbia’s Minister of Mining and Energy, Dubravka Djedović Handanović, Masdar CEO Mohamed Jameel Al Ramahi, and Taaleri Group CEO Peter Ramsay.
The financing agreement includes a EUR 144 million debt facility extended by the two banks, reflecting strong investor confidence in renewable projects in Serbia. Čibuk 2, which will generate enough clean energy to power 62,000 homes, aims to reduce 311,200 tonnes of CO2 annually once operational by Q1 2026.
Masdar’s CEO, Mohamed Jameel Al Ramahi, emphasized the significance of this project, stating, “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.”
This new wind farm will feature 22 Nordex 7MW turbines, adding to the existing Čibuk 1, making the combined project the largest operational wind farm in Serbia, with a total capacity of 312MW.
Taaleri Energia Managing Director, Kai Rintala, expressed optimism about the project, noting, “The quality of the project development of the Čibuk 2 wind farm gives us confidence that we will be able to repeat the success we achieved with Čibuk 1.”
Erste Bank Serbia is providing 50% of the total loan for the project, marking its largest green financing to date. UniCredit Bank, recognized for its role in financing five operational wind farms in Serbia, also contributed significantly to the project.
Serbia is on track to meet its target of 41% renewable energy capacity by 2030, with Masdar playing a pivotal role in supporting this goal.
