wind

GGF Helps Finance Two Wind Farms in Serbia

The Green for Growth Fund has invested in two of the first large-scale wind farms in Serbia– the Alibunar wind farm and the Čibuk 1 wind farm. These projects mark the rollout of wind farms as a primary renewable energy source for the country and are the result of a combined effort between the nation’s government, project sponsors and in particular the development finance community, to create a bankable renewable energy framework for the country.
GGF Helps Finance Two Wind Farms in Serbia

The GGF is supporting the 42 MW Alibunar wind farm with €13.5 million ($15.8 million) of financing through an International Finance Corporation B loan. The IFC, a member of the World Bank Group, 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 comprised of 21 turbines from the German wind turbine manufacturer Senvion. Construction is now almost completed. 

The GGF is also contributing €18.35 million ($21.4 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, who together with the IFC, led the structuring of the transaction . Together, the EBRD and the IFC are providing the financing package of €215 million ($251 million) in total, partially through syndication.

The wind farm is being built by Vetroelektrane Balkana d.o.o., owned by Tesla Wind, 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 comprised of 57 wind turbines from General Electric.


The Alibunar and Čibuk wind farms are among the first renewable energy utility-scale projects in the country, paving the way for the opening up of the renewable energy sector in Serbia. Through these two projects, the GGF will help to reduce greenhouse gas emissions by approximately 50,000 metric tons per year.

GGF Chairman Christopher Knowles said: “We are proud to support the growth of the renewable energy sector in Serbia at its inception. 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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