EBRD and IFC provide EUR 215mn loan for wind farm in Serbia

The EBRD and the International Finance Corporation (IFC) are providing a EUR 215 million loan to Cibuk 1 wind farm, the bank has announced.

This is the largest wind project in Serbia and the Western Balkans to date, and the investment underscores EBRD's commitment to investing in renewable energy, a statement said.

It added that the financing package for the EUR 300 million wind farm was signed in Belgrade in the presence of Serbia's President Aleksandar Vucic.

The 158 MW Cibuk 1 wind farm is being developed by Vetroelektrane Balkana, owned by Tesla Wind which is a joint venture between Masdar, a renewable-energy company based in Abu Dhabi, and Cibuk Wind Holding, a subsidiary of the US-based wind-energy developer Continental Wind Partners, the EBRD said, adding:

"Cibuk 1 will be built 50 km to the north-east of the Serbian capital, Belgrade. It will...