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

Moldovan businessman Stati threatens to ask bailiffs to sell Kazakh Kashagan stake in legal battle

Moldovan businessman Anatolie Stati’s spokeswoman said on January 9 that Stati will ask bailiffs to sell a $5.2bn stake in the Kashagan oil field owned by Kazakh sovereign ... more

Romania’s Transgaz reportedly renews bid for Greece’s DESFA

Romanian gas transport company Transgaz has teamed up with Spain’s Regasificadora del Noroeste in an attempt to take over its Greek peer DESFA, where the Greek state has put a 66% stake up for ... more

Poland’s PKN Orlen launches offer to delist Czechia’s Unipetrol

Poland’s state-controlled oil and gas company PKN Orlen has launched an offer to take over Czech refiner Unipetrol, the Polish company said on December 13. PKN Orlen said it will go through with ... more