PowerChina Resources sells its majority stake in Ivovik wind power project

A company from Luxembourg became the majority owner of the Ivovik wind farm project in Livno in Bosnia and Herzegovina. The cantonal government approved the transfer of the stake from Sinohydro Holding, registered in Hong Kong, to Ivovik Wind Power.

Sinohydro Holding, a subsidiary of PowerChina resources, sold a majority stake in the Livno wind farm project.

Sinohydro Holding from Hong Kong, a subsidiary of PowerChina Resources, sold its 51% stake in VE Ivovik, registered in Sarajevo, to Ivovik Wind Power, a firm headquartered in Luxembourg. The groundbreaking ceremony was held last December. PowerChina Resources is controlled by Power Construction Corp. of China, better known as PowerChina.

The Government of Canton 10 approved the transfer of majority ownership at the initiative of its Ministry of Economy. It said CNTIC Capital (China National Technical Import and Export Corp.) would keep 39% of the project firm and that Ekrem Nanić of Banja Luka has a 10% stake.

The Government of the Federation of Bosnia and Herzegovina approved the issuance of an energy permit for the Ivovik project in February 2020.

Canton 10 earlier said the Ivovik wind farm would have 42 turbines with a total capacity of 84 MW. The site is on the western edge of the municipality of Tomislavgrad and the eastern part of the territory of the city of Livno. Annual output is estimated at 236.6 GWh.

The investment is valued at EUR 130 million.