Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Webinars
    • Events
  • Videos
  • 2025 Leadership
    • 2024 Winners
    • 2023 Winners
    • 2022 Winners
  • Magazine
  • Advertise
  • Subscribe

Green for Growth Fund co-finances Serbia’s first wind farms

By Amy Stankiewicz | June 6, 2018

In support of Serbia’s commitment to achieve 27% of its energy consumption from renewable energy sources by 2020, the Green for Growth Fund (GGF) is co-financing two of the country’s first large-scale wind farms – the Alibunar wind farm and the Čibuk 1 wind farm.

wind farm

In support of Serbia’s commitment to achieve 27% of its energy consumption from renewable energy sources by 2020, the Green for Growth Fund (GGF) is co-financing two of the country’s first large-scale wind farms – the Alibunar wind farm and the Čibuk 1 wind farm.

The GGF is supporting the 42-MW Alibunar wind farm with EUR 13.5 million of financing through an International Finance Corporation (IFC) B loan. A member of the World Bank Group, the IFC serves as the Lender of Record and structuring bank for the project. The Alibunar wind farm is being developed by Elicio NV, a Belgian renewable energy company, near the town of Alibunar in northeastern Serbia. The wind farm is composed of 21 turbines from the German wind turbine manufacturer Senvion. Construction is now almost completed.

The GGF is also contributing EUR 18.35 million to the 158-MW Čibuk 1 wind farm, the largest wind project in Serbia and the Western Balkans to date. The GGF is a B lender to the European Bank for Reconstruction and Development (EBRD), who, together with the IFC, led the structuring of the transaction. Together, the EBRD and the IFC are providing the financing package of EUR 215 million in total, partially through syndication. The wind farm is being built by Vetroelektrane Balkana d.o.o., owned by Tesla Wind, as well as a joint venture between Masdar (a renewable energy company based in Abu Dhabi), DEG German Investment and Development Corporation, and Taaleri Group (a Finnish asset management company). It will be composed of 57 wind turbines from General Electric.

The Alibunar and Čibuk wind farms are among the first renewable energy utility-scale projects in Serbia.

“We are proud to support the growth of the renewable energy sector in Serbia at its inception,” said GGF Chairman Christopher Knowles. “The fund fosters growth of renewable energy in Southeast Europe, and this is a trailblazing example for the region. We are pleased to support the ambitions of the Serbian government in working towards a sustainable energy supply.”


Filed Under: News, Projects

 

About The Author

Amy Stankiewicz

Related Articles Read More >

US government allows Empire Wind offshore project to resume construction
Overlooked and underleveraged: Why ‘lite repowering’ is wind energy’s best near-term bet
79 aging wind turbines brought back online throughout Texas panhandle
Data center signs 166-MW PPA with Las Majadas Wind in Texas

Podcasts

Wind Spotlight: Looking back at a year of Thrive with ZF Wind Power
See More >

Windpower Engineering & Development Digital Edition

Digital Edition

Browse the most current issue of Windpower Engineering & Development and back issues in an easy to use high quality format. Clip, share and download with the leading wind power engineering magazine today.

Windpower Engineering & Development
  • Wind Articles
  • Solar Power World
  • Subscribe to Windpower Engineering
  • About Us/Contact Us

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising

Search Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Webinars
    • Events
  • Videos
  • 2025 Leadership
    • 2024 Winners
    • 2023 Winners
    • 2022 Winners
  • Magazine
  • Advertise
  • Subscribe