Global law firm Norton Rose Fulbright has advised International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) in relation to the US$215 million debt financing to Vetroelektrane Balkana or Wind Energy Balkan Group (WEBG) for the construction, commissioning and operation of the 158MW Cibuk 1 wind farm in the north east of the Republic of Serbia.

WEBG is 100 per cent owned by Tesla Wind, which is 60 per cent owned by Abu Dhabi Future Energy Company PJSC, 30 per cent owned by Taaleri Tesla Ky and 10 per cent owned by DEG - Deutsche Investitions-Und Entwicklungsgesellschaft (the sponsors).

This is the largest wind farm in the Republic of Serbia, spanning 37 square kilometres and comprising 57 2.78MW rated GE wind turbines. The project is expected to become fully operational by mid – 2019 and will power more than 110,000 homes, while reducing carbon emissions by more than 370,000 tonnes.

Madhavi Gosavi, finance partner, Norton Rose Fulbright, comments:

“This was a groundbreaking project for the lenders, sponsors and Serbia as the largest windfarm in the country. The financing was complex and very exciting to be a part of. We congratulate IFC, EBRD and the other stakeholders on achieving this significant milestone for the project.”

The team advising on the transaction was led by partner Madhavi Gosavi, assisted by Emma Walshe and Jessica Melville.

This is the second Serbian renewables project financing that the team has advised on in the last year.