Germany’s KfW lends EUR 35mn for renewable energy projects in Macedonia

By bne IntelliNews July 26, 2013

German development bank KfW and Macedonian state-owned power generation company ELEM have signed a EUR 35mn loan agreement that will fund two renewable energy projects, the finance ministry said on its website.

The above amount includes EUR 15mn for completing the construction of Macedonia’s first wind Bogdanci, and EUR 20mn for upgrading the hydropower plant Spilje 2. The loan has a repayment term of 12 years, a three-year grace period and a fixed interest rate of 2.5%.

Bogdanci will have 16 wind turbines, each with a capacity of 2.3 MW. The turbines will be delivered, installed, put into operation and maintained by a consortium of Siemens Wind (Denmark) and Siemens AS (Greece). The total value of the project is EUR 55.5mn. The new loan brings the amount of KfW funding for this project to EUR 48mn with the remaining EUR 7.5mn to come from ELEM. The installation of the turbines is expected to begin in late August. Bogdanci will be operational by end-2013 and will generate 100 GWh of electricity annually.

The EUR 20mn upgrade at Spilje 2 will increase its installed capacity by 70 MW, the release informs.

Related Articles

Latvia issues permits to new gas infrastructure holding

The Latvian Public Utilities Commission (SPRK) announced on January 5 that it has issued licences to Conexus Baltic Grid for the transmission and storage of gas. Conexus Baltic Grid will control ... more

Iran to seek arbitration over termination of gas flow from Turkmenistan

The National Iranian Gas Company (NIGC) intends to take its recent gas dispute with Turkmenistan to international arbitration, Mehr News Agency reported on January 4, citing ... more

CEZ ignores Czech finance minister and re-elects CEO

The supervisory board at Czech power group CEZ ignored pressure from the finance ministry to dump the current management, local media report. Finance Minister Andrej Babis has been accumulating ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss