EBRD Mulls Financing Dolovo Cibuk I Wind Park Project in Serbia

The European Bank for Reconstruction and Development (EBRD) said on Friday it is considering financing the construction, commissioning and operation of the 158 MW Dolovo Cibuk I wind farm in Serbia.

The wind farm, comprising 57 wind turbines, is being developed by Continental Wind Partners (CWP) in the municipality of Kovin in the northern Serbian province of Vojvodina, the EBRD said in a statement.

The loan has passed concept review and is now pending final review by the EBRD board of directors.

In July, CWP said it had obtained a new building permit for Cibuk I after state-owned power grid operator EMS revoked the previous permit on the grounds it had been issued in breach of the relevant regulations.

In December, the International Finance Corporation (IFC) said it was considering lending a total of 70 million euro ($80 million) to CWP to help finance the project whose total cost was seen at up to 280 million euro.

The proposed IFC funding is pending review by its board on April 15.

Construction of the project is expected to commence in the second half of 2015 and commercial operations are expected to begin by the end of 2016, the IFC said. The proposed wind park site covers an area of approximately 3,700 ha.

Serbia has no installed wind power capacity.

CWP was established in 2006 as a wind project developer focused on the Balkan countries with expertise in developing, financing and constructing wind energy projects. CWP’s strategy is to develop greenfield projects and subsequently monetize its participation in projects to major utilities. The company does not own any operating assets.

Source: SeeNews