Serbian company East Point Holdings plans to invest 10 million euro ($11.9 million) into the construction of a 2.4 MW biomass-fired power plant, local media reported.
"We have obtained all permits needed and started the construction of a thermal power plant which will use wood waste as fuel," the Srpski Telegraf daily quoted the owner of East Point Holdings, Zoran Drakulic, as saying last week.
The biomass-fired power plant in Boljevac, in eastern Serbia, will employ about 80 people. The company operates a factory for pellet fuel in Boljevac, which is also produced from wood waste, he added.
East Point Holdings is active in trade in cereals, milling, production, finance consulting, as well as renewable energy, according to data from the corporate website.