Abu Dhabi Future Energy Company PJSC (Masdar), the United Arab Emirates’ leading clean energy company, has announced the financial close for the 154-megawatt (MW) Čibuk 2 wind farm in Serbia. This milestone was marked by a signing ceremony held during RES Serbia 2024, attended by Serbia’s minister of Mining and Energy, Dubravka Djedović Handanović, Masdar’s CEO, Mohamed Jameel Al Ramahi, Taaleri Group CEO, Peter Ramsay, and Taaleri Energia managing director, Kai Rintala.
The financing for Čibuk 2 has been secured through non-recourse project funding, with commercial lenders UniCredit and Erste (Erste Group and Erste Bank Serbia) providing a EUR 144 million debt facility. This demonstrates the confidence in and viability of renewable energy projects in Serbia.
Čibuk 2 is being developed by Masdar and Taaleri Energia via their joint venture, Masdar Taaleri Generation, in collaboration with New Energy Solutions, one of Serbia’s leading renewable energy developers. The project will utilise 22 Nordex 7MW turbines, with Nordex also responsible for operations and maintenance under a 35-year contract. Construction is already underway, with the wind farm expected to be operational by the first quarter of 2026. Once complete, Čibuk 2 will generate enough renewable energy to power approximately 62,000 households and displace 311,200 tonnes of carbon dioxide annually.
Čibuk 2 will share a grid connection point with 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. Upon completion, Čibuk 2 will bring Masdar’s total renewable energy capacity in Serbia to 312MW, making the combined Čibuk project the largest operational wind farm in the country.
Masdar’s CEO, Mohamed Jameel Al Ramahi, hailed the financial close of Čibuk 2 as a significant step in expanding renewable energy capacity in Serbia, a key market for the company’s Central and Eastern Europe expansion. He emphasised that the agreement reflects growing investor confidence in Serbia’s renewable energy sector and affirmed Masdar’s commitment to increasing investments in the region.
Taaleri Energia managing director, Kai Rintala, expressed confidence in the success of Čibuk 2, noting that their investment in the neighbouring Čibuk 1 wind farm in 2017 had proven highly successful. He cited the strength of the financing, turbine package, and project development as factors that would contribute to the project’s success.
Nikola Stamenković, a member of Erste Bank Serbia’s executive board, highlighted that Erste is providing 50 percent of the total loan for the Čibuk 2 project, with Erste Bank Serbia financing EUR 45 million locally. He noted that this is the largest single green financing the bank has undertaken, reinforcing its leadership in supporting green energy projects in Serbia.
UniCredit Bank Serbia CEO Nikola Vuletić remarked on the significance of the project for the region’s sustainable future, emphasising the bank’s role in financing renewable energy developments in Serbia, having supported five out of eight operational wind farms.
Serbia has set an ambitious target of achieving 41 percent renewable energy capacity by 2030. Masdar is collaborating closely with the Serbian government and local partners to help realise the country’s clean energy goals. Since its establishment in 2006, Masdar has played a pivotal role in advancing the UAE’s vision of sustainability, with projects in over 40 countries. The company aims to expand its renewable energy portfolio to 100GW by 2030 and become a leader in green hydrogen production.
For more information visit www.masdar.ae
