The proceeds of the EBRD loan will be used to renovate 15 small hydro power plants by EPS with a combined capacity of 18MW and to build seven new ones on existing dams.
The new, small hydro power plants will have a combined capacity of 13MW.
The project will help EPS to modernize and extend the lifetime of the company’s existing small hydro power plants and also increase the overall generation of renewable energy.
It is estimated that this investment will result in carbon-dioxide savings of 60,000 tonnes a year.
In addition, EPS has formed a subsidiary, EPS Renewables that will manage and operate investments in renewable energy.
It will also focus on developing new renewable energy generating capacity.
EBRD director for power and energy Nandita Parshad said investing in green energy generation is one of EBRD’s key priorities and the bank is firmly committed to support Serbia and the region in expanding the production of renewable energy.
EPS general manager Dragomir Markovic said this project will improve the operational performance of the existing small hydro power plants as well as finance the construction of new, small hydro power plants on existing dams.
"It will help Serbia to achieve its renewable energy goals, and marks an important step in the further development of Serbia’s electric power industry" added Markovic.
