The financial closing agreement was signed during a ceremony held on the sidelines of the Serbia Renewable Energy Resources (RIS) Conference. It was agreed to provide financing for the project.Chibok 2“Without recourse to lenders represented by”UniCredit Bank“And “Erste (Erste Group and Erste Bank Serbia)”, worth 144 million euros, which reflects the importance of renewable energy projects in Serbia and their commercial feasibility, according to what was reported by the Emirates News Agency “WAM”.
The Čibuk 2 project is being developed by Masdar Taleri Generation, a joint venture between Masdar and Taleri Energia, in partnership with New Energy Solutions, one of Serbia’s leading developers.
Nordex is supplying the wind turbines and will provide operation and maintenance services for the project for 35 years.
Construction work on the “Chibuk 2” project has begun, and it is expected to enter the operational phase in the first quarter of 2026. The station will provide renewable energy for approximately 62,000 homes and will contribute to avoiding the release of 311,200 tons of carbon dioxide annually.
The plant will comprise 22 Nordex wind turbines of 7 MW each and will have the same grid connection point as the 158 MW Čibuk 1 wind farm, which was the largest utility-scale wind project in Serbia and the Western Balkans when it came online in October 2019.
Upon completion, Čibuk 2 will increase the capacity of Masdar’s renewable energy projects in Serbia to 312 megawatts, and will make the Čibuk project the largest operating wind farm in Serbia.
Mohammed Jameel Al Ramahi said that the success in providing financing for the Čibuk 2 wind power plant project is an important new step that contributes to increasing the production capacity of renewable energy in Serbia, which is a strategic market for the company.source“, and supports our efforts to expand in the Central and Eastern Europe region.
He added that today’s deal confirms investors’ confidence in the feasibility of developing renewable energy projects in Serbia, expressing his aspiration to increase the volume of Masdar’s investments in the region and enhance cooperation with investment entities and institutions.
“Together with our partners, we successfully developed the Čibuk 1 wind farm project in 2017, and we are looking to replicate this success with the Čibuk 2 project in partnership with the Čibuk Solar Wind Fund. We are confident that we can achieve this, especially with the right financing, investment and advanced turbines,” said Kai Rintala, Managing Director of Taaleri Energia.
“We are proud that Erste Bank has contributed 50% of the total loan financing for the Čibuk 2 wind farm project, with Erste Bank Serbia financing approximately EUR 45 million locally and the rest covered by Erste Group. This project represents the largest single sustainable investment by Erste Bank Serbia to date and is the sixth new wind energy project that the bank has financed, reinforcing its leading role in financing green energy projects in the Serbian market,” said Nikola Stamenkovic, Board Member of Erste Bank Serbia.
UniCredit acted as financial advisor and creditor for the refinancing of the Chibok 1 terminal two years ago.
Nikola Vuljic, CEO of UniCredit Serbia, said: “This project is a significant milestone that supports the building of a sustainable future for the entire region. UniCredit is well known for its contribution to financing large-scale wind farms, having financed five of the eight wind farms currently operating in Serbia, three of which were financed independently. We are proud to support companies investing in the development of renewable energy projects in Serbia. Čibuk 2 is a significant investment in our country’s energy infrastructure and reflects our responsibility towards future generations.”
Serbia aims to generate 41 percent of its energy needs from renewable sources by 2030, and Masdar is working with the Serbian government and local partners to help support the country’s clean energy ambitions.
It is noteworthy that Masdar was established in 2006 to play a major role in consolidating the UAE’s global leadership position in the fields of sustainability and climate action.
Masdar is developing projects and has investment partnerships in more than 40 countries around the world, with aspirations to increase its production capacity to reach 100 gigawatts by 2030, and to become a leading producer of green hydrogen by the same year.
