Dolovo Cibuk I Wind Farm

Active

The project entails the design, financing, construction and operation of a 158.4 MW wind power farm. Once operational Cibuk 1 will be the largest utility-scale commercial wind project in Serbia and the Western Balkans. Cibuk 1 will be built around 50 kilometers outside Belgrade in the autonomous province of Vojvodina. Comprising 57 wind turbines supplied by GE Renewable Energy, the project is expected to provide electricity to 113,000 homes on delivery and displace more than 370,000 tonnes of carbon dioxide per year. The project will be an independent power producer (“IPP”) and all the output generated will be sold to the country’s single buyer, Electric Power Company of Serbia, under a 12 year Power Purchase Agreement (“PPA”). The purchasing power agreement (PPA) was signed on 27 October 2016. Construction of the project commenced in 2017 and commercial operations are expected to begin by the end of 2018, including completion of the 400 kV overhead power line. Vetroelektrane Balkana (WEBG), the project company behind Cibuk 1, is wholly owned by Tesla Wind, a 60:40 joint venture between Masdar (Abu Dhabi Future Energy Company) and Cibuk Wind Holding (Continental Wind Partners). However, it was announced that Taaleri had acquired a stake of 30% in Cibuk Wind Holding. Once the deal has closed the ownership structure will be Masdar (60%), Continental Wind Partners (10%) and Taaleri (30%). Total investment in the plant stands at $354 million and is funded through debt and equity in 72:28 ratio. Project financing was provided by direct and syndicated loans. Financing comprises EUR 52.7 million ($62.2 million) Term Loan A and EUR 55 million ($64.9 million)Term Loan B arranged by EBRD. The $64.9 million syndicated loan was provided in equal split by four lenders- Erste Bank, Green for Growth Fund, UniCredit and Intesa Sao Paolo. The remaining EUR 107.7 ($127.09 million) million loan was arranged by IFC. Hence totoal debt is $254.17 million, and equity contribution is $99.83 million. Financial close took place on 17 October 2017. https://balkangreenenergynews.com/ebrd-ifc-finance-wind-farm-cibuk-1-158-4-mw/ https://balkangreenenergynews.com/ebrd-ifc-finance-wind-farm-cibuk-1-158-4-mw/ https://globenewswire.com/news-release/2017/11/28/1206807/0/en/Taaleri-acquires-an-interest-in-the-158-MW-Cibuk-wind-farm-in-Serbia.html https://ijglobal.com/data/transaction/39798