BELGRADE, Serbia 12/21/11 (PennWell) -- The European Bank for Reconstruction and Development approved a 45 million euro (US$59 million) loan to Serbia's state-owned utility for renovating and building small hydropower plants.
According to an EBRD release, the loan will allow Elektroprivreda Srbije (EPS) to refurbish 15 small hydroelectric facilities and construct seven new ones at existing dams. The refurbished facilities will have a combined capacity of 18 MW, while the new ones will provide 13 MW total.
"Investing in green energy generation is one of the EBRD's key priorities, and the Bank is firmly committed to supporting Serbia and the region in expanding the production of renewable energy," says Nandita Parshad, EBRD's Director for Power and Energy.
EPS has also created a subsidiary, called EPS Renewables, that will manage and operate its investments in green energy. Earlier this year, ERPS announced that it is working with Germany-based RWE Innogy to develop five run-of-river small hydro plants on the Morava River.