Friday 14 August 2020

Masdar and Serbian officials at the signing ceremony in Belgrade.

Masdar JV wins $354m funding for Serbian wind farm

ABU DHABI, October 17, 2017

Abu Dhabi’s renewable energy company Masdar said it has signed an agreement with Čibuk Wind Holding for funding the largest utility-scale commercial wind project in Serbia and the Western Balkans.

Covering an area of 37 sq km, Čibuk 1 will be built around 50 km outside Belgrade in the autonomous province of Vojvodina.

Due for completion in the first half of 2019, the 158 megawatt (MW) capacity Čibuk 1 is being developed by Vetroelektrane Balkana (WEBG), a subsidiary of Tesla Wind, a 60:40 joint venture between Masdar and Čibuk Wind Holding.

Once ready, Čibuk 1 will be Masdar’s fourth wind farm in Europe after the 630MW London Array, the world’s largest offshore wind farm in operation, the 402MW Dudgeon offshore wind farm in England, and Hywind Scotland, a 30MW floating wind power development situated near the coast of Aberdeenshire.

The project, which will boast 57 of GE Renewable Energy’s 2.75-120 wind turbines, is expected to electrify an estimated 113,000 homes and displace more than 370,000 tonnes of carbon dioxide per year.

GE Renewable Energy will provide the manufacturing, delivery, installation, and commissioning of the turbines, with a 15-year full service agreement, said the statement from Masdar.

The €300-million ($354 million) funding for one of the largest wind power projects in mainland Europe was agreed by the project’s shareholders and lenders at a ceremony in the Serbian capital of Belgrade.

The deal was signed in the presence of Aleksandar Vučić, the president of the Republic of Serbia, by Khaldoon Khalifa Al Mubarak and Khaled Abdulla Al Qubaisi of Mubadala Investment Company and other officials.

The agreement also includes the B lenders Banca Intesa, Erste Bank, UniCredit, and The Green for Growth.
Masdar CEO Mohamed Al Ramahi said the development of the largest wind farm in Serbia and the Western Balkans is a pivotal moment for the expansion of renewables in the region and positions Serbia at the forefront of Europe’s fastest growing alternative energy sector.

"At Masdar, we are proud to have this opportunity to contribute our expertise and experience acquired over the last 11 years to the diversification of Serbia’s energy mix, working alongside our joint-venture partners," he added.
Harry Boyd-Carpenter, the director of Power and Energy Utilities at European Bank for Reconstruction and Development (EBRD), said: "The Čibuk wind farm is a breakthrough for Serbia as the country works to meet its commitment to produce 27 per cent of domestic power needs from renewable energy sources by 2020."

"The EBRD has worked closely with the government to develop and refine the regulatory framework for the sector and these efforts have now unlocked job-generating foreign investment and the first wave of renewable energy projects," he noted.
Thomas Lubeck, the regional manager for Central and Southeastern Europe at International Finance Corporation (IFC), said: "This project highlights IFC’s creating markets strategy, paving the way for other renewable energy projects. It is a result of our co-operation with all stakeholders and our work with Serbia’s government to improve relevant bylaws and the model power purchase agreement."

"IFC is a global leader in facilitating cross border investments and our support for renewable energy is a key part of our work to help mitigate climate change," he added.-TradeArabia News Service

Tags: Masdar | wind farm | Funding | Serbia |

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