Serbia: Finnish Taaleri Group to acquire 30 % stake in Cibuk wind farm project

, News Serbia Energy

Finnish asset management company Taaleri Group has agreed to acquire 30 % stake in Cibuk Wind Holding, the owner of 158 MW Cibuk wind farm project.

The statement from the company said that it will finance the deal using the funds from Taaleri Aurinkotuuli, one of the Group’s investment funds, and Finnfund, a Finnish state-owned development financier. It is expected that the acquisition of the stake in Serbian wind farm project should be completed by the end of the year.

In October, The European Bank for Reconstruction and Development (EBRD) announced that, along with the International Finance Corporation (IFC), it has signed a loan agreement worth 215 million euros for the construction of Cibuk 1 wind farm in Serbia with local company Vetroelektrane Balkana.

Cibuk 1 wind farm will consist of 57 wind turbines with total installed capacity of 158 MW, it will produce up to 457 GWh of electricity per year and its construction is expected to be completed by the end of 2018. The project is being developed by Vetroelektrane Balkana, a company owned by Tesla Wind, which is a joint venture of Masdar from the United Arab Emirates and local subsidiary of US company Continental Wind Partners.