SARAJEVO (Bosnia and Herzegovina), September 22 (SeeNews) – IFC, a member of the World Bank Group, said it is helping Bosnian renewable energy company Energy 3 develop two wind farms in a bid to back the country's efforts to diversify its energy sources and boost the generation of renewable energy.
IFC is advising Energy 3 on the development of the Plocno and Podvelezje wind farms in the southern part of the country, which have an installed capacity of 48 megawatts each, it said in a statement on Wednesday.
Main services under the agreement include an energy market risk assessment, and advice on electricity selling options and price forecasts, with IFC also set to assist the co with identifying, assessing and mitigating any regulatory risks.
“We are delighted to be bringing another international partner and globally respected financial institution on board to help us develop these two wind farms to the highest international standards and with a special focus on social and environmental aspects,” said Energy 3 general manager Miralem Campara as quoted in the statement. “It is also a great honor for us as a local company that IFC through their rigorous process has approved this unique cooperation.”
Energy 3 is majority owned by Nordic Power Partners, a Danish wind and solar development company that is a joint venture of Denmark's largest wind and solar developer European Energy A/S and the Danish Climate Investment Fund, owned and managed by the Investment Fund for Developing Countries as well as a number of Danish pension funds.
By working with Energy 3, IFC is helping to further develop renewable energy projects in Bosnia and Herzegovina,” said Nebojsa Arsenijevic, program manager of IFC’s Clean Energy Infrastructure in Southeast and Eastern Europe programme. “These two new wind farms will also help the country meet its international obligations in terms of renewable energy consumption and help Bosnia and Herzegovina on its accession path to the European Union.”
IFC’s Clean Energy Infrastructure in Southeast and Eastern Europe programme is implemented in partnership with the Austrian Ministry of Finance and provides advisory services to strengthen the development of private sector companies in renewable energy.
Bosnia and Herzegovina became a shareholder and member of IFC in 1996. Since then, IFC's long term finance investment in Bosnia and Herzegovina totaled $398.3 million (447.4 million euro). Their committed investment portfolio in Bosnia, as of 30 June 2016, is $87.6 million. In fiscal year 2016, IFC invested $13 million in Bosnia and Herzegovina.
($=0.890230 euro)
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Wind park. Author: Santi Villamarín. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
