The debt package comprises a €37 million sovereign-guaranteed loan from the EBRD to state-owned utility Elektrani na Severna Makedonija (ESM) to fund the development, construction and operation of the plant. This is complemented by a €50 million loan from KfW, marking the first project jointly financed and implemented by the EBRD and KfW.
“Today, we are opening bids to select contractors for photovoltaic power plants Oslomej II and Bitola I, and intensive work is underway on implementing the second phase of the Bogdanci wind park. Through all these projects, including Bitola III, we will increase domestic production from renewables by more than 200MW in the next two to three years,” said Lazo Uzuncev, general manager of ESM.
The project supports North Macedonia’s plans to phase out coal and cut greenhouse gas emissions by 82% by 2030 under its National Energy and Climate Plan and updated NDCs. It will also support improvements in ESM’s corporate governance, including training and strengthened anti-corruption and compliance frameworks.
The project will be co-financed and implemented with KfW under a Project Implementation Agreement, reinforcing the EBRD-KfW partnership in the Western Balkans, where EBRD has invested more than €3 billion across over 200 projects.