Masdar views Serbia as a key entry point to the Balkans, crucial for its ambitious goal of achieving 100 GW in renewable energy by 2030, according to Business Development and Investment Director Ahmed Al Awadi. The company’s recent acquisition of Greece-based Terna Energy will bolster its growth in Central and Eastern Europe. Masdar has made significant strides in wind energy, with projects like the 158 MW Čibuk 1 wind facility—the largest in Serbia—and the 72 MW Krnovo wind farm in Montenegro.
Recently, Masdar and its partner Taaleri Energia reached financial closure on the 154 MW Čibuk 2 wind project in Serbia, marking further investment in the region. Al Awadi emphasized the positive evolution of Serbia’s legal and investment framework, noting that challenges faced in the past have been addressed through collaboration with local partners and the government.
During the RES Serbia 2024 conference, key agreements were signed with UniCredit Bank, Erste Bank and Serbia’s state-owned utility Elektroprivreda Srbije. Al Awadi highlighted that while earlier projects relied on government-backed tariffs, current developments are being financed by commercial banks, signaling increased confidence in Serbia’s energy market.
Looking ahead, Masdar is committed to advancing Serbia’s transition to net-zero emissions. Al Awadi noted the necessity of investments in renewables and grid infrastructure to decarbonize the country, advocating for innovative solutions like battery storage and hybrid renewable energy systems.
