IFC lends Serbia's Drenik 106 mln euro for biomass plant

The investment will support Drenik in developing an 8 MW CHP biomass plant and a steam capacity of 16 tonnes per hour, thus replacing grid electricity usage, reducing natural gas consumption and providing liquidity to operations, the IFC said in a press release last week.

The financing package includes a 60 million euro "A" loan from the IFC and a 46 million euro trust loan from IFC acting in its capacity as the implementing entity for the Managed Co-lending Portfolio Program.

IFC, the private investment arm of the World Bank, focuses on supporting the private sector in emerging markets. It has invested close to $2.9 billion in private sector development in Serbia since 2001.

Drenik makes tissue paper, with an annual capacity of about 100,000 tonnes of hygienic paper products and more than 800 employees.

$ = 0.9234 euro