| Project Detail |
Location:
Serbia
Project number:
54355
Business sector:
Energy
Notice type:
State
Approval date:
13 Dec 2023
Status:
Exploratory
PSD disclosed:
13 Jun 2023
Project Description
A sovereign guaranteed loan of up to EUR 62 million in favour of Elektroprivreda Srbije AD Beograd ("EPS", or the "Company"), a fully state-owned power utility in Serbia. The loan proceeds will be used for the reconstruction of the existing hydro power plant ("HPP") Vlasinske.
Also, the Project will benefit from EUR 15.4 million of grant funding from the European Union (EU), via the Western Balkans Investment Framework ("WBIF"), approved in December 2022 and supported by the EBRD.
Project Objectives
The Project aims at extending the useful life of the HPPs (128 MW) and increasing the installed capacity of the site by 8 MW, yielding approximately 310 GWh of increased production, as well as allowing for further development of the renewable energy in the country.
Proceeds of the loan will finance procurement of new generation units, accompanying auxiliary electromechanical systems of units and power plant, hydro mechanical equipment and control equipment for HPP consisting of four cascades, with the aim of replacing obsolete equipment.
The investment builds on the EBRDs long engagement with the Company and will provide a further push to the Companys prolonged corporate reform path, with the aim to strengthen its corporate governance and management as well as build opportunities for re-skilling the workforce affected by the green economy transition. |
