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.
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