UAE energy company Masdar has announced it has reached financial close for the 154MW Serbian Wind Farm, Čibuk 2.
Čibuk 2 has been developed by Masdar Taaleri Generation, a Masdar-Taaleri joint venture development vehicle, in partnership with Serbian developer New Energy Solutions.
The non-recourse project financing for Čibuk 2 was secured via commercial lenders UniCredit and Erste (Erste Group and Erste Bank Serbia), who are extending a EUR 144 million debt facility.
According to Masdar, construction on the wind farm has already begun, and it is expected to be operational by the first quarter of 2026.
The Serbian wind farm will consist of 22 7MW turbines provided by wind turbine manufacturer Nordex, who will also provide operations and maintenance services for the project under a 35-year contract, it was shared.
The project will share the same grid connection point as the Čibuk 1, a 158MW wind farm, with the combined Čibuk project set to be the largest operational wind farm in Serbia.
This new project, when operational, will produce enough renewable energy to power around 62,000 households, it was shared.
Serbia, more broadly, has set a target of reaching 41 per cent renewable energy capacity by 2030.
According to Masdar Chief Executive Officer Mohamed Jameel Al Ramahi, looking ahead, the UAE company plans to increase its investments in the region. Further details on this were not shared.