Cibuk 2 Wind Farm (154MW)

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This project involves the construction and operation of the Cibuk 2 wind farm, located in the municipality of Kovin, approximately 50 km east of Belgrade, Serbia. The project encompasses the development of a 154 MW wind farm consisting of 22 Nordex 7 MW turbines, which is planned to produce approximately 330 GWh of electricity annually. The wind farm is expected to supply renewable energy to around 62,000 households and to displace 311,200 tonnes of carbon dioxide annually. Cibuk 2 will share a grid connection point with the existing 158 MW Cibuk 1 wind farm, making the combined Cibuk complex the largest operational wind project in Serbia. The sponsors for this initiative are Masdar, the United Arab Emirates’ clean energy leader, and Taaleri Energia, a renewable energy investment and asset management firm from Finland. The project is being developed through their joint venture, Masdar Taaleri Generation, in partnership with New Energy Solutions, a leading Serbian developer. The total project cost is $236.64 million, of which $160.74 million has been secured through non-recourse project financing from UniCredit and Erste Bank in equal portions. The financing structure includes a Contract for Differences with EPS, Serbia’s state-owned power company. Financial close is achieved on September 23, 2024. https://masdar.ae/en/news/newsroom/masdar-and-taaleri-reach-financial-close-on-serbia-154mw-cibuk-2-wind-farm; https://www.taalerienergia.com/en/news-room/taaleri-solarwind-iii-fund-invests-154-mw-wind-farm-serbia; https://www.erstebank.rs/en/about-us/press/press-releases/2024/09/23/erste-bank-continues-to-invest-in-a-sustainable-future