Shearman & Sterling advised Abu Dhabi Future Energy Company (Masdar) on the €300 million financing for the largest wind farm in the Republic of Serbia. Due for completion in the first half of 2019, the 158 megawatt (MW) capacity Čibuk 1 wind farm will be the largest utility-scale commercial wind project in Serbia and the Western Balkans.
Covering an area of 37 square kilometers, Čibuk 1 will be located 50 kilometers outside Belgrade. It will include 57 wind turbines supplied by GE Renewable Energy and is expected to power approximately 113,000 homes and displace more than 370,000 tonnes of carbon dioxide per year.
Vetroelektrane Balkana (WEBG), the project company behind Čibuk 1, is wholly owned by Tesla Wind, a 60:40 joint venture between Masdar and Čibuk Wind Holding. The lenders include European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC), in addition to B lenders Banca Intesa, Erste Bank, UniCredit, and The Green for Growth Fund.
Masdar is wholly owned by Mubadala Investment Company (Mubadala), the Abu Dhabi-based investment company, and is dedicated to the United Arab Emirates’ long-term vision for the future of energy and water.