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LARGEST UTILITY-SCALE PROJECT

Masdar consortium launches $330m wind farm in Serbia

VOJVODINA (Serbia), October 12, 2019

Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, said a consortium led by the company has inaugurated Cibuk 1, the largest utility-scale commercial wind project in Serbia and the Western Balkans.
 
The inauguration of the €300 million ($330 million) project, built on an area 50km away from the capital, Belgrade, was attended by Serbian President Aleksandar Vucic, Minister of Mining and Energy Aleksandar Antic and other high-level government officials from both Serbia and the UAE, including Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, Mubarak Saeed Al Dhaheri, UAE Ambassador to Serbia, and Khaled Al Qubaisi, CEO of Aerospace, Renewables & ICT for Mubadala.
 
Built over a 37-sq-km site, Cibuk 1 comprises 57GE Renewable Energy’s 2.75-125 onshore wind turbines, said the statement from Masdar. 
 
With a capacity of 158 megawatts , the wind farm will provide sustainable, emissions-free power to 113,000 homes and displace more than 370,000 tonne carbon dioxide per year. That is the same amount of carbon sequestered by more than 6 million trees, it added.
 
Speaking at the opening ceremony, Dr Al Zeyoudi said: "Through its compelling business case, renewable energy has established itself as the new power generation technology of choice. With an investment of $309 billion, 2018 saw the addition of 171GW to the global renewable energy generation capacity."
 
Cibuk 1 was developed by Vetroelektrane Balkana, a Serbian company which is wholly-owned by Tesla Wind, a joint venture between Masdar (60%), the Taaleri SolarWind I fund, managed by Finnish renewable energy infrastructure fund manager and developer Taaleri Energia (30%), and German development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (10%).
 
"The rise in the uptake of renewables is driven by its increasing cost efficiency as well as growing calls for sustainability around the world. We are proud to share that the UAE’s renewable energy projects that are operational and underway have a combined capacity of 11.4GW, including 8.4GW within the country and 3GW abroad," he stated.
 
The Minister commended Masdar for its dedication to building a renewables-powered future in the UAE and further afield.
 
Commenting on the launch, Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, and Chairman of Masdar, said: "Today’s inauguration of Cibuk 1 further strengthens the UAE’s partnership and cooperation with Serbia and its government."
 
"Since Masdar’s establishment more than a decade ago, its mission has been to advance the clean energy sector and to provide sustainable, innovative solutions to the world’s energy needs. Today, that vision is being realised through projects such as Cibuk 1, the biggest wind farm in the Western Balkans," stated the minister.
 
Masdar CEO Mohamed Al Ramahi said: "In collaboration with the Government of Serbia, our fellow shareholders in Tesla Wind, the lenders, contractors and our many other partners, Masdar is proud to successfully deliver the largest utility-scale commercial wind project in the Western Balkans."
 
"Cibuk 1 is not only a bold statement as to Serbia’s long-term renewable energy ambitions and its commitment to modernise its power sector, but also an investment in Serbia’s energy security," stated Al Ramahi. 
 
"Together, we have delivered a truly outstanding project, a marvel of engineering that has created jobs and delivered lasting improvements in infrastructure. More than that, we have invested in the foundation of Serbia’s renewable energy sector, helping to create a legacy that will support the development of future projects," he added.
 
Today’s inauguration of Cibuk 1 marks a turning point in the expansion of renewables in Central and Eastern Europe, one of the fastest growing emerging markets for clean energy.
 
The project supports Serbia’s pledge to produce 27 per cent of its domestic power needs from renewable energy sources by 2020, while helping to reduce its dependence on coal-fired power generation. Čibuk 1 also created 400 local jobs during construction and delivered 50km of new roads in the surrounding area.-TradeArabia News Service



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