The Green for Growth Fund will finance the construction of two wind farms in Serbia. GGF will contribute €13.5m to the 42MW Alibunar project through an International Finance Corporation B loan. The fund will also provide €18.5m towards the development of the 158MW Cibuk 1 wind farm through the European Bank for Reconstruction and Development. The Alibunar and Cibuk 1 wind farms will be the first renewable energy utility-scale projects in Serbia. Through these projects, GGF will reduce gas emissions by 50,000 metric tons per year. The Belgian renewable energy company Elicio NV will develop the Alibunar wind farm with 21 turbines in northeastern Serbia. Cibuk 1 will be built by Vetroelektrane Balkana, which is owned by Tesla Wind. This is a joint venture between Masdar, DEG German Investment and Development Corporation and Taaleri Group. GGF invests in measures for cutting energy use and CO2 emissions by a minimum of 20 percent in 19 countries in Southeast Europe, Ukraine, Moldova, Middle East, the Caucasus and North America.
