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EBRD lends 30 mln euro to Serbia for renewable heat generation

Jul 10, 2024, 11:14:19 AMArticle by Valentina Bajic
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July 10 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is providing a 30 million euro ($32.5 million) loan to Serbia for investments in renewable heat generation, the lender said.

EBRD lends 30 mln euro to Serbia for renewable heat generation
Photo: EBRD

The investments are aimed at the modernisation of district heating companies in 10 Serbian cities. The project also includes the refurbishment of heat substations and district heating networks, along with other energy-efficiency measures, the EBRD said in a statement on Tuesday.

"Currently, Serbia's district heating systems rely heavily on fossil fuels and are notably energy inefficient. This project, the first of its kind in south-eastern Europe, aims to address these challenges by providing significant environmental benefits and boosting energy security," the EBRD said.

The project will benefit from up to 12 million euro of donor funds mobilised by the EBRD from the Swiss State Secretariat for Economic Affairs, the European Union, and Austria’s government.

The implementation will be carried out by Serbia’s mining and energy ministry in cooperation with the participating municipalities and district heating companies.

The total value of the project "Renewable energy sources in district heating systems in Serbia - Phase 1" amounts to 40.5 million euro, including 10.5 million in grants, according to the government.

(1 euro = $1.08)

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