BELGRADE (Serbia), December 29 (SeeNews) - Serbian state-owned energy utility EPS is in talks with German development bank KfW on financing for wind and solar power plant projects in the Kostolac area, local media reported on Monday, quoting EPS director general Aleksandar Obradovic.
The plans are part of the company's investment programme for 2015 targeting renewable energy that also includes the revitalization of seven small hydro power plants, news agency Tanjug reported, quoting Obradovic.
Obradovic said that EPS, which annually invests 200-250 million euro ($244-$305 million) on average, suffered around 500 million euro in damages from the devastating floods in May and other natural disasters this year.
The official said the utility company has already secured funding from the World Bank for the post-flood repairs as well as funds from commercial lenders for financial liquidity purposes.
In October, the World Bank said it was lending 227.5 million euro to support Serbia in repairing damaged flood control infrastructure and meeting critical needs in the agriculture and power sectors.
Obradovic said he believes that EPS' electricity supply unit, which sells electricity at prices 30% lower than those of its regional peers, will manage to keep most of its clients after the full market liberalization from January 1.
In May, excessive rainfall triggered Serbia's worst floods on record which led to damages and economic losses estimated at around 1.5 billion euro ($1.87 billion).