Masdar, the Abu Dhabi Future Energy Company PJSC, the UAE’s clean energy organisation, has announced the financial close for the 154-megawatt (MW) Čibuk 2 wind farm in Serbia.
The agreement was signed during a special ceremony at RES Serbia 2024, attended by Serbia’s Minister of Mining and Energy, Dubravka Djedovic Handanovic, Masdar CEO Mohamed Jameel Al Ramahi, Taaleri Group CEO Peter Ramsay, and Taaleri Energia Managing Director Kai Rintala.
The Čibuk 2 project secured non-recourse financing from commercial lenders UniCredit and Erste (Erste Group and Erste Bank Serbia), providing a EUR 144 million debt facility, underscoring the strength and viability of Serbia’s renewable energy sector. Masdar and Taaleri Energia developed the project through their joint venture, Masdar Taaleri Generation, in partnership with New Energy Solutions, a leading developer in Serbia. Nordex will supply the turbines and provide operations and maintenance services for the next 35 years.
Construction is already underway, with the wind farm expected to be operational by Q1 2026. Čibuk 2 will generate enough renewable energy to power approximately 62,000 homes, displacing 311,200 tonnes of CO2 annually.
The wind farm will feature 22 Nordex 7MW turbines and share a grid connection with the 158MW Čibuk 1 wind farm, which was the largest utility-scale wind project in Serbia and the Western Balkans when it became operational in 2019.
Once completed, Čibuk 2 will bring Masdar’s total renewable energy capacity in Serbia to 312MW, making the combined Čibuk project the largest operational wind farm in the country. Serbia aims to reach 41 percent renewable energy capacity by 2030, with Masdar actively supporting the country’s clean energy goals.
Earlier this week, Masdar announced that it is set to acquire Saeta Yield, a renewable power company, from Brookfield, with an implied enterprise value of $1.4 billion, as it expands its European portfolio.
The acquisition includes a 745-megawatt (MW) portfolio, primarily composed of wind assets—538MW of wind projects in Spain, 144MW in Portugal, and 63MW of solar PV projects in Spain. Additionally, the deal comes with a 1.6-gigawatt (GW) development pipeline.
However, the transaction excludes a regulated 350MW portfolio of concentrated solar power (CSP) assets, which Brookfield will retain and continue to operate.
