Abu Dhabi’s Masdar has secured funding for the 154-megawatt Čibuk 2 wind farm in Serbia. UniCredit and Erste Group provides a $160 million debt facility for the project.

Developed by Masdar Taaleri Generation—a joint venture between Masdar and Finland’s Taaleri Energia, in collaboration with Serbia-based New Energy Solutions—the wind farm will feature turbines supplied by Germany’s Nordex, which will also manage operations and maintenance for the project under a 35-year contract.

Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, said, “The successful conclusion of financing for Čibuk 2 is another landmark in the development of renewable energy capacity in Serbia, a strategic market for Masdar as we expand into Central and Eastern Europe. Masdar plans to increase its investments in the region and we look forward to further strong support from the investment community.”

Construction is already underway, with the project expected to be operational by the first quarter of 2026. Once completed, Čibuk 2 will generate enough renewable energy to power nearly 62,000 households and displace approximately 311,200 tonnes of carbon dioxide annually.

Čibuk 2 will share a grid connection point with the 158-megawatt Čibuk 1 wind farm, which became operational in October 2019. Once completed, the new wind farm will elevate Masdar’s total renewable energy capacity in Serbia to 312 megawatts, making the combined Čibuk project the largest operational wind farm in the country.

Nikola Stamenković, Member of Erste Bank Serbia’s Executive Board, said, “We are proud to highlight that Erste is providing 50% of the total loan for the Čibuk 2 wind farm project, with Erste Bank Serbia locally financing approximately $50.1 million, and Erste Group covering the rest. This marks the largest single green financing Erste Bank Serbia has provided to date.”

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