KfW provides 35 mln euro for hydro, wind projects in Macedonia
SKOPJE (Macedonia), July 25 (SeeNews) – Germany's state-owned KfW Bank is providing 35 million euro ($46.4 million) to support two energy projects in Macedonia under a deal signed with local state-owned power producer ELEM, the Macedonian finance ministry said on Thursday.
As much as 20 million euro are earmarked for the upgrade of the Spilje hydro power plant (HPP) while 15 million euro will be set aside for the completion of the Bogdanci wind park, a project worth a total of 55.5 million euro, the finance ministry said in a statement.
The 12-year loan has a three-year grace period and a fixed annual interest rate of 2.5%.
The upgrade of HPP Spilje will see its capacity go up by 70 megawatts.
Siemens Wind has already begun to deliver the wind turbines for the Bogdanci wind park which will have an annual output of some 100 gigawatt-hours of electricity. The turbines are currently at the Thessaloniki port while their installation on site is expected to begin at the end of next month, ELEM director general Dejan Boskovski said in the statement.
If everything goes to plan, the wind park should be connected to the country’s power grid by the end of the year, Boskovski added.