Mostar, Bosnia and Herzegovina,
September 21, 2016—IFC, a member of the World Bank Group, is helping
a leading renewable energy company in Bosnia and Herzegovina develop two
wind farms to help diversify the country’s energy sources and boost the
generation of renewable energy.
IFC is advising Energy 3 on the development
of the Plocno and Podvelezje wind farms in the southern part of the country,
which have an installed capacity of 48 megawatts each. Main services under
the agreement include an energy market risk assessment, and advice on electricity
selling options and price forecasts. IFC will also assist Energy 3 with
identifying, assessing and mitigating any regulatory risks.
“We are delighted to be bringing another
international partner and globally respected financial institution on board
to help us develop these two wind farms to the highest international standards
and with a special focus on social and environmental aspects,” said Miralem
Campara, General Manager of Energy 3 d.o.o. “It is also a great honor
for us as a local company that IFC through their rigorous process has approved
this unique cooperation.”
Energy 3 is majority owned by Nordic
Power Partners, a Danish wind and solar development company that is a joint
venture of Denmark's largest wind and solar developer European Energy A/S
and the Danish Climate Investment Fund, owned and managed by the Investment
Fund for Developing Countries as well as a number of Danish pension funds.
“By working with Energy 3, IFC is helping
to further develop renewable energy projects in Bosnia and Herzegovina,”
said Nebojsa Arsenijevic, Program Manager of IFC’s Clean Energy Infrastructure
in Southeast and Eastern Europe program. “These two new wind farms will
also help the country meet its international obligations in terms of renewable
energy consumption and help Bosnia and Herzegovina on its accession path
to the European Union.”
IFC’s Clean Energy Infrastructure in
Southeast and Eastern Europe program is implemented in partnership with
the Austrian Ministry of Finance and provides advisory services to strengthen
the development of private sector companies in renewable energy.
Bosnia and Herzegovina became a shareholder
and member of IFC in 1996. Since then, IFC's long term finance investment
in Bosnia and Herzegovina totaled $398.3 million, including $23.1 million
mobilized from our partners, in 46 projects across a variety of sectors.
In addition, IFC has supported trade flows of $52 million through its trade
finance program. Our committed investment portfolio in Bosnia and Herzegovina
as of 30 June 2016 is $87.6 million. In fiscal year 2016, IFC invested
$13 million in Bosnia and Herzegovina.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org