The European Bank for Reconstruction and Development (EBRD) has announced that it is considering approving a loan of 62 million euros to EPS for the rehabilitation of Vlasina hydropower plants.
An EU grant of 15.4 euros has already been approved, through the Investment Framework for the Western Balkans – VBIF, the EBRD announced.
The loan funds will be used for the reconstruction of Vlasina hydropower plants.
The project aims to extend the life of the HPP (128 MW) and increase the installed capacity of the site by 8.0 MW, providing approximately 310 GWh of increased production, as well as enabling further development of renewable energy in the country.
Loan funds will finance the procurement of new generation aggregates, accompanying electromechanical systems of blocks and power plants, hydromechanical equipment and control equipment for HPP consisting of four cascades, with the aim of replacing outdated equipment.
The EBRD will make a decision on the loan on December 13, 2023.
The investment builds on the EBRD’s long engagement with the company and will provide further impetus to the company’s extended corporate reform journey, with the aim of strengthening its corporate governance and management, as well as building opportunities to retrain a workforce affected by the green economic transition, the EBRD said.
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