North Macedonia will take a loan of 36.2 million Euros for repair of 6 hydro power plants

With a loan in the amount of 25 million Euros from KfV Development Bank, 11.2 million Euros from the EU grant from VBIF and 0.2 million Euros from the German Government, the Government of the Republic of North Macedonia provided 36.2 million Euros for the repair of a new investment in the energy sector.

The investment will be realized in the next two years and will include the repairof six large hydroelectric power plants, including  HPP Vrutok, HPP Vrben, HPP Raven, HPP Tikvesh, HPP Shpilje  and  HPP Globocica , which provide between 20 and 30 percent of the total electricity production in the country. 

For the realization of this investment a loan agreement was signed today in Skopje between the Credit Bank for Reconstruction – KfV and AD ESM – Skopje, a guarantee agreement between the Republic of North Macedonia represented by the Ministry of Finance and the Credit Bank for Reconstruction – KfV, a special agreement between the Credit Bank Bank for Reconstruction – KfV and AD ESM – Skopje and Agreement for VBIF grant between Credit Bank for Reconstruction – KfV and AD ESM – Skopje.

The general director of ESM, Vasko Kovachevski, assessed that the third phase of the repair of  the six  large hydroelectric power plants is of great importance because with the replacement of outdated and worn-out equipment a reduction in downtime due to planned and unplanned maintenance will be achieved, which will mean availability of the plants. of 100 percent annually after the completion of the project.

He added that the project is in line with the obligations of the Green Agenda for the Western Balkans, with the commitment to transition to clean energy and will contribute to the implementation of the Energy Development Strategy of  our country  until 2040, which  aims to reduce greenhouse gas emissions. gases  by  61 percent, compared to 2005, and the share of renewable energy sources in gross consumption of final energy to 45 percent.

With this investment the installed capacity of the hydroelectric power plants will increase by an additional 13.5 MW , while the production of electricity will increase by about 47.5   GWh  per year.

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