Vetroelektrane Balkana d.o.o. secured a credit line worth EUR 215 million for its Čibuk 1 wind power plant, less than fifty kilometres northeast of the centre of Belgrade. The contract signed on October 16 for the wind farm spanning more than 36 square kilometres will enable a launch by the end of next year.
The design of the turbines puts columns at 110 meters, while blades will be sixty meters long. At 158.4 MW, it is set to become the largest wind farm in the Western Balkans with estimated annual capacity is 457 GWh.
The facility of General Electric Co.’s 57 turbines will be financed by the European Bank for Reconstruction and Development and the International Finance Corporation. IFC 107.7 million EUR financing package comprises a direct EUR 52.7 million senior loan, EUR 36.7 million provided through its Managed Co-Lending Portfolio Program and a EUR 18.3 million B loan under a syndication umbrella. EBRD is providing a EUR 107.7 million-syndicated loan under an A/B loan structure.
Serbia has an obligation to boost power output from renewable sources to 27% of total consumption by 2020 and Vetroelektrane says the project is a strategic partnership and the biggest single private investment in the country.
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