Upon completion, Čibuk 2 will become the largest wind farm operational in Serbia, contributing significantly to the country achieving its renewable energy goals, all thanks to a total investment of €212 million
Erste Bank Serbia and companies Masdar and Taaleri Energia signed an agreement to finance the construction of the Čibuk 2 Wind Farm, which will generate 154 MW of electricity. Located approximately 40 kilometres from Belgrade, in the municipality of Kovin, this wind farm is expected to generate enough electricity to power around 62,000 households and to contribute to reducing CO2 emissions by 311,200 tons annually. Čibuk 2 is scheduled to become fully operational by the first quarter of 2026.
Erste Group and Erste Bank a.d. Novi Sad are financing the project through a partnership with UAE’s Masdar and Finland’s Taaleri Energia, in cooperation with New Energy Solutions, a leading development company in Serbia. The total investment is estimated at approximately €212 million, of which around €144 million has been secured through loans. Erste is financing half of the loan, with Erste Bank Serbia contributing over €47 million, while the remainder is being financed by Erste Group.
“This project is of great importance to us, not only because it represents our largest single green investment to date, but also because Čibuk 2 is already the sixth wind farm we are financing in Serbia. We are proud to contribute actively to the green transition and the long-term development of sustainable energy sources in the country, in line with the sustainability strategy of our banking group. For us, every new green project is not only a business success, but also an opportunity to contribute to a better future for all of us, as well as for future generations,” said Erste Bank Serbia Executive Board member Nikola Stamenković.
Erste Group will continue supporting projects in the renewable energy sector – not only in Serbia, but across the region
“At Erste Group, we’re proud to have collaborated with our colleagues at Erste Bank Serbia to provide Masdar and Taaleri Energia with the financing for the Čibuk 2 Wind Farm. Erste has a strong track record in financing wind farms and other renewable energy projects in Southeast Europe, playing a key role in helping the region advance in its green transition,” said Erste Group Head of Corporate Finance Wolfgang Hargassner.
For Serbia, this investment is one of the largest renewable energy projects, representing an important step towards achieving the state’s goal of having 41% of its electricity generated from renewables by 2030.
Čibuk 2 follows the existing Čibuk 1 Wind Farm, which already produces enough electricity to supply around 113,000 households. Once completed, Čibuk 2 will become the largest wind farm operational in Serbia, contributing significantly to reducing CO2 emissions and improving Serbia’s energy stability.
With investments in over 70 green projects to date, Erste Bank Serbia has provided a substantial contribution to reducing harmful emissions and increasing electricity production from renewable sources, thus having a positive impact on local communities and households. Erste Group will continue supporting projects in the renewable energy sector – not only in Serbia, but across the region.
