Erste Bank Serbia funds 12.5 mln euro in renewable energy projects

The funding resource was poured into seven small hydro power plants (SHPPs) and one biogas-fired power station, all adding up to an installed capacity of 8.0 megawatts, Erste Bank Serbia said in a statement.

Erste Bank Serbia said it is currently backing Kragujevac-based company W&W Energy which launched the construction on Friday of two SHPPs, Recica and Crkvina, on the Bistrica river.

SHPP Crkvina will have an installed capacity of 960 kilowatts (kW) with projected annual output of 4.3 million kilowatt-hours (kWh). The power station will cost 1.25 million euro with 80% of the funds extended as project financing by Erste Bank Serbia.

SHPP Recica will have an installed capacity of 1,400 kW and projected annual output of 6.7 million kWh. The power station will cost 2.0 million euro with Erste Bank Serbia again providing 80% of the necessary funds.

Five SHPPs developed by the company Eco Energo Group and co-financed by the bank were built on the Vlasina river and started operation in 2012.

Erste Bank Serbia has also provided an investment loan to the company Mirotin Energo which will soon put into operation a biogas plant in the municipality of Vrbas.

($ = 0.7888 euro)