Agreement on financing of Čibuk 2 wind farm signed – Pupin wind farm connected to transmission system since Friday

The first day of the RES Serbia 2024 Conference at the Ethno Complex Vrdnicka Kula brings two exclusive pieces of information.

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 at a special ceremony on the sidelines of RES Serbia 2024 in the presence of 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 via commercial lenders, UniCredit and Erste (Erste Group and Erste Bank Serbia), who are extending a EUR 144 million debt facility, the company says in a press release.

Čibuk 2 has been developed by Masdar and Taaleri Energia, via their joint venture development vehicle Masdar Taaleri Generation, in partnership with New Energy Solutions, one of the leading developers in Serbia. Nordex is supplying the turbines and will also provide operations and maintenance services for the project under a 35-year contract.

Construction on the project has already begun and it is expected to be operational by the first quarter of 2026. Čibuk 2 will produce enough renewable energy to power around 62,000 households and displace 311,200 tons of carbon dioxide during each year of operation.

Consisting of 22 Nordex 7MW turbines, it will share the same grid connection point as the 158MW Čibuk 1 wind farm, which was the largest utility-scale wind project in Serbia and the Western Balkans when it became operational in October 2019.

When completed, Čibuk 2 will bring Masdar’s total renewable energy capacity in Serbia to 312MW and make the combined Čibuk project the largest operational wind farm in Serbia.

– 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. Masdar plans to increase its investments in the region and we look forward to further strong support from the investment community – said Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi.

Kai Rintala, Taaleri Energia managing director, commented:

– Our investment in the neighboring Čibuk-1 wind farm in 2017 has proven to be a success. The quality of the project development of the Čibuk-2 wind farm, and the financing, offtake and turbine package that we have secured, gives us confidence that we will be able to repeat that success with the Taaleri SolarWind III Fund.

Serbia has set a target of 41% renewable energy capacity by 2030 and Masdar is working hand in hand with the Serbian government and local partners to support the nation’s clean energy ambitions.



The other important news is that, according to Milos Colic, the president of the Board of Directors of RES Serbia, the wind farm Pupin has been connected to the transmission system since Friday, and the first kilowatts on the grid are expected in the coming days.

The eKapija portal is a media sponsor of the RES Serbia 2024 Conference, which is held today and tomorrow.

For the fourth year in a row, the conference is gathering representatives of the EBRD, the World Bank, state institutions and leading investors, who are discussing the current topics in the field of green energy. The organizer of the conference is the RES Serbia Association, whose members are all the relevant companies in the RES sector in our country.

Obnovljivi izvori energije Srbije

Masdar Renewable Power Services d.o.o. Beograd

Masdar Taaleri Generation d.o.o. Beograd

EBRD Evropska banka za obnovu i razvoj Beograd

Svetska Banka-WB Beograd

Etno kompleks Vrdnička kula

RES Serbia

Masdar

Abu Dabi Future Energy Company PJSC Masdar

Taaleri

Masdar Taaleri Generation

New Energy Solutions

Nordex

Miloš Colić

Mohamed Jameel Al Ramahi

Kai Rintala

RES Serbia 2024 Conference

Ethno Complex Vrdnicka Kula

Pupin wind farm

Čibuk 2 wind farm

financing of Čibuk 2