Finnish renewables developer and fund manager Taaleri Energia, in collaboration with UAE-based Masdar, has successfully reached financial closing for the 154-MW Cibuk 2 wind project, an expansion of the existing 158-MW Cibuk 1 wind farm in Serbia.
The financial agreement was finalized during the RES Serbia 2024 conference, with non-recourse financing totaling EUR 144 million (USD 160.1 million) secured from commercial lenders UniCredit and Erste, each contributing equally.
Developed by the joint venture Masdar Taaleri Generation, alongside New Energy Solutions, Cibuk 2 is currently under construction and is slated to commence operations by the first quarter of 2026.
The project will feature 22 Nordex turbines, which will be serviced by the German turbine manufacturer for a duration of 35 years. It is expected to generate enough electricity to power approximately 62,000 homes annually.
The Cibuk 2 extension will utilize the existing grid connection established with the Cibuk 1 plant, which began operations in late 2019 and is recognized as the largest wind farm in both Serbia and the Western Balkans.
