The EBRD and the International Finance Corporation (IFC) are providing a EUR 215 million loan to Cibuk 1 wind farm, the bank has announced.
This is the largest wind project in Serbia and the Western Balkans to date, and the investment underscores EBRD’s commitment to investing in renewable energy, a statement said.
It added that the financing package for the EUR 300 million wind farm was signed in Belgrade in the presence of Serbia’s President Aleksandar Vucic.
The 158 MW Cibuk 1 wind farm is being developed by Vetroelektrane Balkana, owned by Tesla Wind which is a joint venture between Masdar, a renewable-energy company based in Abu Dhabi, and Cibuk Wind Holding, a subsidiary of the US-based wind-energy developer Continental Wind Partners, the EBRD said, adding:
“Cibuk 1 will be built 50 km to the north-east of the Serbian capital, Belgrade. It will comprise 57 wind turbines supplied by General Electric and will cover an area of about 40 square kilometers. The plant is expected to be connected to the grid in the first half of 2019 and to produce electricity for an estimated 113,000 households, while reducing carbon dioxide emissions by more than 370,000 tons.”
The construction of the wind farm will also create 400 jobs in the area and contribute to improvements in local infrastructure with, for example, the construction of 50 kilometers of roads, the bank said.