Last week in Mramorak, Serbia, the country’s largest wind farm – a 158-MW plant – came online. Construction on Čibuk 1 was completed last April and the wind farm is now fully operational.
The EUR 300 million wind farm uses 57 GE wind turbines and
was supported by the Green for Growth Fund (GGF) and Motion GmbH.
The wind plant was built by Vetroelektrane Balkana, owned by Tesla Wind, a joint venture between Masdar, a the Abu Dhabi Future Energy Company, the Taaleri SolarWind I fund (managed by Finnish renewable energy infrastructure fund manager and developer Taaleri Energia) and the German development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH.
The GGF is a B lender to the European Bank for Reconstruction and Development (EBRD), who together with the International Finance Corporation (IFC), led the structuring of the transaction. Together, the EBRD and the IFC provided the financing package of EUR 215 million in total, partially through syndication.
This is one of four wind projects, culminating in 216 MW of power generation, that the GGF has supported in Serbia’s 500 MW plan. GGF Chairman Olaf Zymelka stated: “The finalization of this project will allow it to serve as a primary renewable energy source for Serbia. The success of this project was the result of many individuals and companies in the financing and construction of the plant. We are proud to be supporting Serbia’s climate goals by increasing their renewable energy sources and contributing to reducing their CO2 emissions.”