Erste Bank continues to invest in a sustainable future

€47 million invested in the construction of the largest wind farm in Serbia

Erste Bank and the companies Masdar and Taaleri Energia signed a financing agreement today at a ceremonial event in Vrdnik, attended by high-ranking officials and company representatives, for the construction of the Čibuk 2 wind farm. The wind farm will generate 154 MW of electricity and is expected to be located about 40 kilometres from Belgrade, in the municipality of Kovin. It will provide enough electricity to meet the needs of around 62,000 households and reduce carbon dioxide emissions by 311,200 tons annually. Operations are scheduled to begin in the first quarter of 2026.

Erste Group and Erste Bank a.d. Novi Sad are financing the project in partnership with Masdar from the United Arab Emirates and Taaleri Energia from Finland, in collaboration with New Energy Solutions, a leading development company in Serbia. The total investment is estimated at approximately €212 million, with around €144 million provided through loans. Erste is financing half of this amount, with Erste Bank Serbia investing over €47 million, while the remaining portion is funded by Erste Group.

“This project holds special significance for us, not only because it represents our largest individual green investment to date but also because Čibuk 2 is the sixth wind farm we have financed in Serbia. We are proud to actively contribute to the green transition and the long-term development of sustainable energy sources in our country, which aligns with the sustainability strategy of our banking group. 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 and the generations to come,” said Nikola Stamenković, member of the Executive Board of Erste Bank Serbia.

For Serbia, this investment represents one of the largest renewable energy projects and an important step toward the country’s goal of having 41% of its electricity come from renewable sources by 2030.

Čibuk 2 is the continuation of the Čibuk 1 wind farm, which already produces enough electricity to supply around 113,000 households. Once completed, Čibuk 2 will become the largest operational wind farm in Serbia, contributing to reducing carbon emissions and enhancing Serbia’s energy stability.

With investments in over 70 green projects so far, Erste Bank Serbia has contributed and continues to contribute to reducing greenhouse gas emissions, increasing electricity production from renewable sources, and making a positive impact on local communities and households. Erste Group will continue to support renewable energy projects in the future, not only in Serbia but also throughout the broader region.