Erste Bank continues investing in sustainable future – EUR 47 million for construction of biggest wind farm in Serbia

Erste Bank Serbia and the companies Masdar and Taaleri Energia yesterday signed an agreement on financing the construction of the Čibuk 2 wind farm, which will generate 154 MW of electricity, at the ceremony in Vrdnik.

The wind farm, located about 40 kilometers from Belgrade, in the municipality of Kovin, is expected to provide enough electricity to meet the needs of about 62,000 households and contribute to the reduction of carbon dioxide emissions by 311,200 tons per year. Čibuk 2 is planned to be fully operational in the first quarter of 2026.

Erste Group and Erste Bank a.d. Novi Sad participate in financing the project through a partnership with the companies Masdar from the United Arab Emirates and Taaleri Energia from Finland, in cooperation with New Energy Solutions, a leading development company in Serbia, the press release says.

The total investment is estimated at around 212 million euros, of which approximately 144 million euros will be secured from loan funds. Erste finances half of the amount, of which a little over 47 million euros is provided by Erste Bank Serbia, while the remaining part is financed by Erste Group.

– This project is of particular 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 that this way we actively contribute to the green transition and the long-term development of sustainable energy sources in the country, which is also in line with the sustainability strategy of our banking group. For us, every new green project in our portfolio is not only a business success, but also an opportunity to contribute to a better future for all of us, as well as for the generations to come – said Nikola Stamenković, member of the Executive Board of Erste Bank Serbia.

Having invested in over 70 green projects so far, Erste Bank Serbia has contributed and continues to contribute to the reduction of harmful gas emissions, the increase of electricity production from renewable sources, and has achieved a positive impact on local communities and households, Erste Bank says in a press release.

For Serbia, this investment represents one of the largest projects in the field of renewable energy sources and an important step towards achieving the state's goal that by 2030, 41% of electricity comes from renewable sources.

Čibuk 2 is the continuation of the construction of the existing Čibuk 1 wind farm, which already produces enough electricity to supply around 113,000 households. Upon completion, Čibuk 2 will become the largest operational wind farm in Serbia, contributing to the reduction of carbon dioxide emissions and the improvement of Serbia's energy stability.

Erste Bank a.d. Novi Sad

Erste Bank

Erste Group

Masdar

Taaleri Energia

Čibuk 2 wind farm