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November 29, 2017

Finnfund to finance the largest wind farm in Serbia

Finnfund, together with Taaleri Aurinkotuuli, a Finnish investment fund, has made an investment in Cibuk 1 wind farm, located in Vojvodina, Northern Serbia.

The 158 MW wind farm will consist of 57 GE turbines, and once operational, can produce up to 475 GWh of power per year. The wind farm is expected to reach full operations in 2019.

The project is run by Taaleri and Masdar, a renewable energy company, which is also the majority shareholder of the project company. Total investment in the project is approx EUR 300 million.

Finnfund’s funding for the project is EUR 10 million.

“We are very pleased to invest in this project which fulfills our strategic objective to invest in renewable energy and decrease greenhouse gas emissions. Together with a Finnish fund, Taaleri Aurinkotuuli, we are promoting one of the first Serbian wind projects, and are very happy to participate in Taaleri’s expansion in the international renewable energy market”, said Jaakko Kangasniemi, Finnfund’s Managing Director.

The project is estimated to decrease greenhouse gas emissions by 370,000 tons of carbon dioxide emissions each year.

More information:
Jaakko Kangasniemi, Managing Director, jaakko.kangasniemi(a), tel. +358 40 577 7676
Tuomas Suurpää, Investment Manager, tuomas.suurpaa(a), tel. +358 400 382 717

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