The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are providing a €215 million loan to Serbia's largest wind farm, the Cibuk 1 wind farm, the EBRD said Tuesday.
The 158-megawatt (MW) Cibuk 1 wind farm, at a cost €300 million, is also the largest wind farm in the Western Balkans to date, the bank said.
According to the statement, the EBRD will provide a €107.7 million syndicated loan, out of which €55 million is syndicated to Erste Bank, the Green for Growth Fund, UniCredit and Banca Intesa. In parallel, the World Bank's IFC is providing €107.7 million, partially through its Managed Co-Lending Portfolio Program and partially through syndicated B loans.
The wind farm will be built 50 kilometers to the northeast of the Serbian capital, Belgrade. It will comprise 57 wind turbines supplied by General Electric and will cover an area of about 40 km2.
The plant is expected to be connected to the grid in the first half of 2019 and to produce electricity for an estimated 113,000 households, while reducing CO2 emissions by more than 370,000 tonnes.
The construction of the wind farm will also create 400 jobs in the area and contribute to improvements in local infrastructure with, for example, the construction of 50 km of roads.
(Anadolu Agency)
