Masdar, a company from the United Arab Emirates, alongside Finnish firm Taaleri Energia, has secured funding for the construction of the Čibuk 2 wind farm with support from UniCredit and Erste banks. Masdar announced that these banks have approved a loan of €144 million, contributing to a total investment estimated at around €212 million.
Located in the fields of Bavanište and Mramorka near Kovin, the Čibuk 2 wind farm is expected to have an installed capacity of 154 megawatts. Construction is slated to begin this year, with operations anticipated to start in the first quarter of 2026. The wind farm will provide renewable energy for approximately 62,000 households and reduce carbon dioxide emissions by about 311,200 tons annually.
Developed by Masdar Taaleri Generation—a joint venture between Masdar and Taaleri Energia in collaboration with Serbian firm New Energy Solutions—Čibuk 2 will feature 22 Nordex turbines, each with a capacity of seven megawatts. It will share grid connections with the operational Čibuk 1 wind farm, which began operations in October 2019 and remains the largest wind farm in Serbia.
The financial closure agreement for this project was signed on the sidelines of the “OIE Serbia 2024” conference in Vrdnik, attended by key figures including Minister of Mining and Energy Dubravka Đedović Handanović and executives from Masdar and Taaleri Energia. Mohamed Jameel Al Ramahi, CEO of Masdar, highlighted the project as a significant step in expanding renewable energy capacity in Serbia, a strategic market for the company.
Kai Rintala, CEO of Taaleri Energia, expressed confidence in replicating the success of the Čibuk 1 project with Čibuk 2, noting the high quality of construction and the financial arrangements in place. Masdar Taaleri Generation participated in Serbia’s initial renewable energy auctions, successfully securing a quota of 108.5 megawatts at a competitive price.
Masdar, established in 2006, is a global leader in renewable energy and sustainable urban development, operating in over 40 countries with investments exceeding $30 billion. Taaleri Energia is part of the Taaleri Group, listed on the NASDAQ Helsinki, specializing in solar and wind energy investments.
