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IFC comes on board for wind farms in BiH

September 25, 2016 | Comments: 0Author:

Photo: Pixabay
IFC comes on board for wind farms in BiH

A renewable energy company in Bosnia and Herzegovina is developing two wind farms in cooperation with the International Financing Corporation. Energy 3 d.o.o. sought advisory services in the areas of market risk assessment and electricity selling options and price forecasts for Pločno and Podveležje power plant projects, with coverage of regulatory risk.

IFC said the facilities with a capacity of 48 MW each, planned for locations in the southern part of the country, are included in the programme called Clean Energy Infrastructure in Southeast and Eastern Europe, a partnership with the Federal Ministry of Finance of Austria. The scheme was developed to strengthen the development of private sector companies in renewable energy, the note adds.

Miralem Čampara, general manager of Energy 3, said the inclusion of the international partner will bring the project to highest international standards “with a special focus on social and environmental aspects.” He stressed the “unique cooperation” was facilitated through IFC’s “rigorous process.” The local firm is majority owned by Nordic Power Partners, a Danish wind and solar development joint venture. It was established by the Nordic country’s 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.

Nebojša Arsenijević, manager of the international financing institution’s programme of Clean Energy Infrastructure in Southeast and Eastern Europe, said the two wind farms will help Bosnia and Herzegovina meet its international obligations in terms of renewable energy consumption. Since 1996, IFC’s long-term finance investment in the Balkan country totaled USD 398.3 million (EUR 354.79 million), the press release said. The institution said that, in addition, it has supported trade flows of EUR 46.32 million through a trade finance programme.