The principal project sponsor is Masdar, a global renewable energy development company established in 2006 by the Government of Abu Dhabi (GoAD), through its AA rated investment holding company Mubadala Investment Company (Mubadala). Masdar is wholly owned by Mubadala and operates through two integrated business units Masdar Clean Energy and Masdar Sustainable Real Estate. During the last eight years, Masdar has developed, built and operates 1GW of renewable projects globally across wind, solar, PV and CSP technologies across the Middle East and North Africa and Europe. The Project was originally developed by Continental Wind Partners LLP (CWP), a US-based independent power producer with proven experience in wind energy project development in Central and Eastern Europe.

The estimated total project cost is up to EUR 300 million. Masdar has requested IFC to provide financing of up to EUR 60 million in the form of A loan, up to EUR 45 million in the form of Managed Co-Lending Portfolio Program loan and mobilize up to EUR 25 million as B loans. European Bank for Reconstruction and Development (EBRD) is a lender to the project alongside IFC.

The proposed site is located about 50 km to the north east of Belgrade in Kovin municipality. The site covers an area of approximately 3,700 ha on reasonably flat terrain with ground elevations ranging between 127 m and 150 m above sea level.

As noted above, the project is located in close proximity to the SNR Deliblato Sands an IBA (http://www.vojvodinasume.rs/en/environmental-protection/deliblato-sands/). There are thus potentially significant adverse impacts related to mortality of seasonal and other bird movements across the site, which may include limited numbers of endangered bird species. In addition, several wind farms in the project area are under development, increasing the risk of cumulative impacts on birds. As a result, the project has been classified as a Category A according to IFC’s Environmental and Social Review Procedure.