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.”
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