Masdar and Taaleri Energia inaugurated their 154 MW Čibuk 2 wind power plant in Serbia, creating the largest wind power complex in the Western Balkans. The hub includes the first Čibuk facility and amounts to 312 MW and more than EUR 500 million in foreign direct investment.
Abu Dhabi Future Energy Co. – Masdar and Finnish renewable energy fund manager Taaleri Energia today marked the formal start of operation of their 154 MW Čibuk 2 wind farm. It sits in southern Banat northeast of Belgrade, alongside the 158 MW Čibuk 1, the largest in Serbia. It is the country’s windiest area.
The new wind farm is between the villages of Bavanište and Mramorak in the municipality of Kovin.
Masdar and Taaleri Energia commissioned Čibuk 1 in 2019. Together, the two wind parks are by far the largest in the Western Balkans. The complex is generating electricity equivalent to the annual needs of an estimated 178,800 households.
Čibuk 2 was inaugurated at a ceremony in Belgrade. The event featured Minister of Mining and Energy Dubravka Đedović Handanović, Ambassador of the United Arab Emirates to Serbia Ahmed Almenhali and Deputy Ambassador of Finland to Serbia Elina Ollila.
Čibuk 2 was among winners of Serbia’s first auction
The Čibuk 2 project reached the financial close two years ago. At the same time, special purpose vehicle (SPV) Čibuk 2 Wind Energy, a subsidiary of joint venture Masdar Taaleri Generation, signed a power purchase agreement (PPA), as well as contracts on balancing and a market premium, with state-owned power utility Elektroprivreda Srbije (EPS).
UniCredit and Erste provided project financing, while Nordex is the equipment supplier. Čibuk 2 secured a market premium at Serbia’s first wind power auction.
The two projects have brought more than EUR 500 million of total foreign direct investment, according to the update.
Strengthening Serbia’s energy security
As Serbian electricity demand grows, Čibuk 2 will deliver competitively priced, domestically generated power for decades, reducing exposure to fuel price volatility and supporting a more resilient, diversified energy system, said clean energy giant Masdar, based in the UAE.
Beyond the capacity now online, Masdar has a Serbian development pipeline of more than 200 MW spanning solar, wind and battery storage.
Đedović Handanović: Čibuk 2 is a standout project in a more mature and dynamic phase of the market
“The two wind power plants developed by Masdar in Serbia, with a total installed capacity of 312 MW, currently account for around 25% of Serbia’s combined wind and solar power capacity. Over the years, Masdar’s presence has been a major driver in the development of wind energy capacity in Serbia. Wind Park Čibuk 1 marked an early phase in the development of Serbia’s wind energy capacity, while Čibuk 2 is a standout project in a more mature and dynamic phase of the market,” Minister Dubravka Đedović Handanović stated.
Masdar has proved to be a reliable partner, she added.
“Today marks a significant milestone for Masdar’s presence in Serbia and demonstrates our ability to deliver complex projects at speed and at competitive cost, said Chief Executive Officer Mohamed Jameel Al Ramahi. The company is creating a platform for greater expansion across the wider region and Central and Eastern Europe, he stressed.
Taaleri Energia is committed to region
Čibuk 2 reflects Taaleri Energia’s long-term commitment to the region, Managing Director Kai Rintala asserted. “The experience we have built here underpins our ambition to grow a broader portfolio across Eastern Europe, and we look forward to developing our capabilities further in the years ahead,” she underscored.
The new wind farm is equally owned by Masdar and Taaleri Energia. It was developed in partnership with New Energy Solutions.
