Taaleri acquires an interest in the 158 MW Cibuk wind farm in Serbia

Taaleri Group is pleased to announce that it has signed an agreement with Cibuk Wind Holding regarding the acquisition of a minority interest in the under-construction Cibuk 1 wind farm, the largest wind project in Serbia to date. The 158 MW wind farm will consist of 57 GE turbines and produce up to 475 GWh of power per year.

The transaction will provide Taaleri with a 30 percent ownership stake in the Cibuk project company. Taaleri will enter the company via an investment vehicle that pools funds from Taaleri Aurinkotuuli, a Taaleri Group managed investment fund, and Finnfund, a Finnish state-owned development financier. The transaction is expected to close by 2017 year-end, with the wind farm reaching full operations in 2019. 

The wind project involves the construction, commissioning and operation of a 158 MW wind farm. It will be an independent power producer (IPP) and will sell its electrical output under a long-term 12-year power purchase agreement (PPA) with a subsidiary of the state-owned power company Elektroprivreda Srbije (EPS).

Covering an area of 37 sq km, Cibuk 1 will be built approximately 50 km outside Belgrade in the autonomous province of Vojvodina. Comprising 57 of GE Renewable Energy’s 2.75-120 wind turbines, the project is expected to electrify an estimated 113,000 homes on delivery and displace more than 370,000 tonnes of carbon dioxide per year.

Taaleri will participate in the construction and operation of the wind park alongside the majority shareholder Abu Dhabi Future Energy Company (Masdar), a renewable energy company owned by Mubadala Investment Company.

Yousif Al Ali, Chairman of Tesla Wind, owner of the project company responsible for Cibuk 1, said:

“We are delighted to have Taaleri Group join the consortium developing Cibuk 1, the largest utility-scale wind farm in Serbia on completion. Taaleri will bring considerable experience and expertise to the realisation of this landmark project.”

Taaleri Energia Managing Director, Kai Rintala, commented:

“Taaleri is proud to invest alongside Masdar in one of the most significant renewable energy projects in Serbia. From the very beginning, Taaleri has been extremely impressed with the quality of the Cibuk wind project. As the second-largest wind power producer in Finland, we intend to contribute to this project’s success, thanks to our experience with building and operating several wind power plants in challenging climatic environments, and through our ability to drive value for all stakeholders, via the careful management of our projects’ operational performance.”

Jaakko Kangasniemi, Finnfund’s Managing Director, added:

“We are very pleased to invest in this project which fulfils our strategic objective to invest in renewable energy and decrease greenhouse gas emissions. Together with a Finnish fund, Taaleri Aurinkotuuli, we are promoting one of the first Serbian wind projects, and are very happy to participate in Taaleri’s expansion in the international renewable energy market.”