Masdar said it has signed an agreement with Čibuk Wind Holding for funding the largest utility-scale commercial wind project in Serbia and the Western Balkans.
The deal was signed in the presence of Aleksandar Vučić, the president of the Republic of Serbia, and Khaldoon Khalifa Al Mubarak and Khaled Abdulla Al Qubaisi of Mubadala Investment Company, among other officials.
According to Trade Arabia, Masdar CEO Mohamed Al Ramahi said the development of the largest wind farm in Serbia and the Western Balkans is a pivotal moment for the expansion of renewables in the region and positions Serbia at the forefront of Europe’s fastest growing alternative energy sector.
Al Ramahi added: "At Masdar, we are proud to have this opportunity to contribute our expertise and experience acquired over the last 11 years to the diversification of Serbia’s energy mix, working alongside our joint-venture partners," he added.
Due for completion in the first half of 2019, the 158MW capacity Čibuk 1 is being developed by Vetroelektrane Balkana (WEBG), a subsidiary of Tesla Wind, a 60:40 joint venture between Masdar and Čibuk Wind Holding.
Once ready, Čibuk 1 will be Masdar’s fourth wind farm in Europe.