Alongside our partner Masdar, we are currently building the largest wind farm in Serbia.
|Čibuk in brief|
|Turbines||57 GE Renewable Energy turbines|
|Area||37 square kilometer|
|Location||50 kilometres east of Belgrad in the province of Vojvodina.|
|In operation||expected to be fully operational in 2019|
During the construction phase, the project is expected to create 400 new jobs and the construction of 50 kilometres of new roads. Once in full production, the energy produced can displace more than 370.000 tons of carbon dioxide per year. The total value of the investment is 300 million euros. The wind farm is expected to be fully operational in 2019.
The acquisition of a minority interest in the project company is the first investment made by Taaleri Aurinkotuuli, one of the Taaleri group’s investment funds. The fund’s investment is made as a co-investment with Finnfund, a Finnish state-owned development financier. The transaction will provide Taaleri and Finnfund with a 30 percent ownership stake in the Cibuk project company. Taaleri Aurinkotuuli’s share of the project company is 21.5 %. The deal was signed in November 2017 and is expected to close by year-end 2017.
The majority shareholder of the project company is Abu Dhabi Future Energy Company (Masdar), a renewable energy company owned by Mubadala Investment Company. The total value of the Abu Dhabi state-owned investment company is over USD 125 billion and it has invested around USD 2.7 billion in renewable energy projects around the world over the last ten years, with 1 GW of installed capacity and 0.7 GW under development. IFC (International Finance Corporation) and EBRD (European Bank for Reconstruction and Development) are the project financiers for the Čibuk 1 wind farm.
Serbia has pledged to produce 27 percent of its domestic power needs from renewable energy sources by 2020, reducing the country’s dependence on coal-fired power generation in line with European Union regulations. The Čibuk 1 Wind Farm is a landmark project for renewable energy construction in Serbia and an important step towards the modernisation of Serbian energy production.