Alcazar Energy Partners, a company based in the United Arab Emirates (UAE), has announced its acquisition of the “Celsius 1” wind farm project in Serbia from the Austrian firm RP Global. The acquisition is part of Alcazar’s broader strategy to invest up to €600 million in renewable energy projects in Serbia.
The “Celsius 1” wind farm, set to be constructed in Banatski Novi Selo, will have a capacity of 200 megawatts. Alcazar Energy plans to develop additional renewable energy projects, including both wind and solar power plants, with a total capacity of 768 megawatts in Serbia.
According to Alcazar Energy’s website, the deal is expected to be finalized by the end of this year.
“This transaction marks a significant milestone for Alcazar Energy Partners as we work toward building renewable energy assets worth $600 million in Serbia,” the company said. “With the aim of becoming the largest renewable energy platform in the region, our overall goal is to reach $1.2 billion in assets. Once fully operational, these projects will generate more than 1,700 GWh of clean energy annually.”
The “Celsius 1” project, valued at around €300 million, will provide enough clean energy to power over 31,000 households annually, while reducing CO2 emissions by approximately 426,000 tons each year. It is also expected to create over 800 jobs during the construction phase.
UAE’s growing presence in Serbia’s wind energy sector
Alcazar Energy is not the only UAE-based company pursuing renewable energy projects in Serbia. In 2019, Masdar, another UAE company, partnered with Finnish firm Taaleri Energia to build the “Čibuk 1” wind farm in Kovin, which remains Serbia’s largest wind farm with a capacity of 158 megawatts. Recently, Masdar and Taaleri announced their continued investment in Serbia’s wind energy sector, signing a loan agreement with UniCredit and Erste Bank for the construction of the “Čibuk 2” wind farm.
UniCredit and Erste Bank have approved a €144 million loan for the “Čibuk 2” project, which has an estimated total investment of around €212 million. The wind farm will be located in the fields of Bavanište and Mramorka, near Kovin, with an expected installed capacity of 154 megawatts. Construction is set to begin later this year, with operations anticipated to start in the first quarter of 2026.
Once operational, “Čibuk 2” will generate renewable energy sufficient to power approximately 62,000 households, reducing CO2 emissions by around 311,200 tons annually.
Wind energy in Serbia: Current landscape
Serbia currently boasts 10 wind farms with a total capacity of 512 megawatts. The largest investor in the country’s wind energy sector is MK-Fintel Wind, a joint venture between MK Group, led by Serbian businessman Miodrag Kostić, and Italy’s Fintel Group. Together, the companies have developed three wind farms in Serbia: “Kula,” “La Picolina,” and “Košava.”
In addition, MK Group has partnered with the Slovenian investment fund Alfi Renewables to build the Krivača wind farm, further strengthening Serbia’s renewable energy capacity.
