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Dentons Advises on EUR 205 Million Refinancing of Cibuk Wind Farm in Serbia

Dentons Advises on EUR 205 Million Refinancing of Cibuk Wind Farm in Serbia

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Dentons has advised Vetroelektrane Balkana on a EUR 205 million refinancing of the 158-megawatt Cibuk wind farm located in Mramorak, Serbia. CMS reportedly advised the lenders on the deal.

The financing was provided by a consortium of banks consisting of UniCredit, Credit Suisse, Eurobank, and OTP Bank. 

Vetroelektrane Balkana is wholly owned by Tesla Wind, a joint venture between Masdar (Abu Dhabi Future Energy Company), Finnish energy infrastructure developer Taaleri Energia, and DEG, the investment arm of German state-owned investment and development bank KfW.

According to Dentons, “the Cibuk project, developed by Vetroelektrane Balkana, is the largest wind farm in Serbia. It produces up to 457 gigawatt-hours of electricity per year, enough to cover the needs of some 113,000 households, and reduces CO2 emissions by 370,000 tons per year.”

Dentons’ team included Partner Piotr Nerwinski, Counsel Patrycja Polasz, and Associate Wiktor Zien.

Editor's Note: After this article was published, CMS confirmed it had advised the banks. The firm's team included Warsaw-based Partner Rafal Zakrzewski, Senior Associate Przemyslaw Karolak, Associate Marcin Krzemien, and Lawyers Michal Horelik and Jakub Smialek, as well as Belgrade-based Partners Milica Popovic and Ivan Gazdic, Senior Attorney Ksenija Boreta, and Lawyers Jovana Bingulac and Marija Marosan.

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