Masdar-led JV agrees financing for largest wind farm in Serbia

BELGRADR / WAM

Financing for one of the largest wind power projects in mainland Europe has been agreed by the project’s shareholders and lenders at a ceremony in the Serbian capital of Belgrade. Due for completion in the first half of 2019, the 158 megawatt (MW) capacity Cibuk 1 wind farm will be the largest utility-scale commercial wind project in Serbia and the Western Balkans.
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. Agreements for the financing of Cibuk 1 were signed in the presence of Aleksandar Vucic, President of the Republic of Serbia, a press release posted on Masdar website said.
Signing on behalf of WEBG was Ahmed Al Awadi, CEO. Signing on behalf of the lenders were Harry Boyd-Carpenter, Director of Power and Energy Utilities of the European Bank for Reconstruction and Development (EBRD) and Thomas Lubeck, Regional Manager, Central and Southeastern Europe for International Finance Corporation (IFC).
The financing of the EURO300 million wind farm also includes the B lenders Banca Intesa, Erste Bank, UniCredit, and The Green for Growth Fund. “We would like to thank the Government of Serbia, Mubadala Investment Company, as well as the lenders, advisors, and all the other parties involved in reaching this critical milestone,” said Mohamed Al Ramahi, CEO of Masdar. “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.”
On completion, Cibuk 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.