The financing will be extended to the state-owned electricity generation company AD Elektrani na Makedonija (ELEM).
With a generating capacity of 70MW, the new Boskov Most hydropower plant will be constructed near the town of Debar in the western part of the country.
The construction of the facility will enable FYR Macedonia to reduce electricity imports as well as cut the country’s carbon intensity by an estimated 95,000 tonnes of CO2 annually.
JSC ELEM general manager Vlatko Chingoski said Boskov Most is included in the National Strategy for Energy Development as well as the National Strategy for the Development of Energy Renewable Resources to improve the quantity and structure of electricity generated in FYR Macedonia.
The EBRD loan is complemented by EUR340,000 in grant financing from the EBRD Shareholder Special Fund for technical and environmental due diligence.
