March 16, 2026
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CGES Secures €15 Million Investment to Upgrade Tri-Nation Power Infrastructure in the Western Balkans

Crnogorski Elektroprenosni Sistem (CGES), Montenegro’s national transmission system operator, has successfully secured a €15 million loan to finance the modernization of the 220-kilovolt (kV) power line connecting Montenegro, Bosnia and Herzegovina, and Albania.

This strategic initiative is designed to enhance the efficiency and reliability of Montenegro’s domestic electricity transmission network while simultaneously fortifying cross-border energy connectivity throughout the Western Balkans. According to CGES, the project represents a critical step toward the broader regional integration of power systems.

The financial agreement was formally signed by CGES Chief Executive Officer Ivan Asanović, European Bank for Reconstruction and Development (EBRD) Vice President Mark Bowman, and Montenegrin Minister of Finance Novica Vuković. The Ministry of Finance backed the initiative by issuing a state guarantee, underscoring the government’s steadfast commitment to supporting strategic investments that bolster both national infrastructure and regional connectivity.

Detailing the technical improvements, CEO Ivan Asanović noted that the modernization project will effectively double the transmission line’s current capacity from 300 megawatts (MW) to approximately 600 MW. He characterized the upgrade as a foundational investment in a secure, stable, and integrated energy future for the region, resulting in a more resilient grid capable of meeting increasing systemic demands and facilitating deeper regional cooperation.

EBRD Vice President Mark Bowman echoed these sentiments, emphasizing that reinforcing transmission networks is essential for securing long-term energy security and regional integration in the Western Balkans. Bowman noted that the project will overhaul vital infrastructure in Montenegro, aligning with the EBRD’s mandate to foster sustainable and resilient infrastructural development.

Looking forward, this project falls under a broader capital expenditure strategy for CGES, which plans to invest a total of €200 million into transmission infrastructure over the next five years.

December 27, 2025
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North Macedonia’s ESM secures loans for investments in solar, hydro

North Macedonia’s power utility Elektrani na Severna Makedonija has secured EUR 97 million for the installation of the Bitola 3 solar power plant and revitalization of hydropower plants.

Elektrani na Severna Makedonija (ESM) said today it signed the contracts for a state guarantee and loans totaling EUR 97 million for two major energy projects.

This is an important step in strengthening North Macedonia’s energy transition, ESM added.

The company received EUR 87 million for the construction of the largest photovoltaic plant, Bitola 3. KfW allocated EUR 50 million, and the European Bank for Reconstruction and Development approved EUR 37 million.

The Hydropower Plants Revitalization Project is estimated at EUR 47.3 million

Another EUR 10 million from KfW will support the revitalization of ESM’s hydropower plants (HPPs), ESM explained.

According to the utility, the Hydropower Plants Revitalization Project, estimated at EUR 47.3 million and supported by a EUR 10 million EU grant, will increase annual hydropower generation by 50 GWh.

The agreements were signed by Minister of Finance Gordana Dimitrieska-Kochoska, EBRD representative Fatih Türkmenoğlu, KfW’s director for Kosovo* and North Macedonia Moritz Remé, and ESM CEO Lazo Uzunchev.

The ceremony was attended by Prime Minister Hristijan Mickoski and Minister of Energy, Mining and Mineral Resources Sanja Božinovska.

Uzunčev: We will increase domestic renewable capacity by over 200 MW

“With these capital investments, together with ESM, we are strengthening domestic energy production, ensuring stable electricity supply, and fostering sustainable economic development,” Gordana Dimitrieska-Kochoska underscored.

According to ESM CEO Lazo Uzunčev, the company’s strategic goals are being implemented with strong momentum.

“With ongoing solar and wind projects, including Bitola 3, we will increase domestic renewable capacity by over 200 MW in the next two to three years, while reducing CO₂ emissions by more than 260,000 tons annually,” he stressed.

Petra Drexler, Ambassador of Germany to North Macedonia, recalled that over the last years, Germany and the EU have continuously supported North Macedonia on its path toward a sustainable and resilient energy future.

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* This designation is without prejudice to positions onstatus and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.
December 19, 2025
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Nofar Energy launches work on Romania’s largest solar park

Israel’s Nofar Energy has begun construction of the 282 MW Corbii Mari solar park in Romania, with plans to connect it to the grid next year. The project is being financed from a recently secured EUR 192 million financing package that also covers the company’s two other large solar facilities in Romania.

The financing for Nofar’s projects was arranged by the European Bank for Reconstruction and Development (EBRD). The bank is providing a EUR 64 million loan, with the remaining EUR 128 million mobilized from commercial lenders.

In addition to Corbii Mari, the financial package covers the Iepurești II and Slobozia solar parks. The total capacity of all three projects is 531 MW, and the planned annual electricity production is 676 GWh.

Two solar parks are zero-subsidy projects, while the third has secured a contract for difference

Corbii Mari and Iepurești II will sell electricity on Romania’s competitive day-ahead market, while Slobozia will benefit from a 15-year contract for difference (CfD), according to an EBRD press release.

In late 2023, when Nofar acquired the Corbii Mari project, it was announced that the solar power plant would produce 362 GWh of electricity a year, enough to meet the needs of around 160,000 households.

There are several solar projects in Romania larger than Corbii Mari in various stage of development. These include the 1 GW Dama Solar, developed by Czech company Rezolv Energy, and the 300 MW Butimanu project, implemented by the investment division of Sweden-based Ingka Holding, the largest IKEA franchisee company.

Austria-based Enery is preparing to begin construction works early next year on a photovoltaic facility of 750 MW in peak capacity just outside of Bucharest.

Corbii Mari is set to be Romania’s biggest solar park to date

Given the longer completion timelines for these projects, Corbii Mari is expected to be Romania’s largest solar park for a time, local media reported. The top spot is currently held by Econergy’s Rătești solar power plant, with an installed capacity of 155 MW.

Nofar is also building its Ghimpați solar project near Bucharest, with an installed capacity of 146 MW. Earlier this year, the Israeli company said it had connected to the grid its solar park in Ada, the largest such system in neighboring Serbia.

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December 10, 2025
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Montenegro launches second BESS tender but for drastically smaller capacity

Power utility Elektroprivreda Crne Gore has launched its second battery energy storage system procurement tender. The required capacity is drastically lower than in the first call.

The initial public procurement was canceled because state-owned energy company Elektroprivreda Crne Gore (EPCG) didn’t obtain approval from the Government of Montenegro to take a loan for a EUR 58 million project.

The new tender envisages the procurement of a battery between 100 kW and 130 kW, with 200 kWh to 260 kWh in capacity. This is a pilot project, and the procurement is valued at EUR 75,000.

The canceled purchase was for two battery energy storage systems (BESS), at 30 MW and 120 MWh each.

The battery will be used on the distribution network

Potential locations include hydropower plant (HPP) Perućica, EPCG’s steel mill Željezara Nikšić, and the Pljevlja thermal power plant.

In the new call, the winning bidder will be obliged to secure a location for installing and testing the pilot BESS, according to the documentation.

EPCG explained that over the previous three years, its projects Solari 3000+, 500+, and 5000+ enabled a strong pace of the addition of prosumer solar power plants to the low-voltage, distribution network in Montenegro.

Although distributed generation has clear financial and ecological benefits, its rapid growth simultaneously brings a string of technical challenges for the distribution network, which was historically developed solely for supplying consumers and for unidirectional energy flow, according to the tender’s documentation.

EPCG sees the installation of batteries in substations as a solution to technical challenges caused by prosumers

The company sees the installation of BESS units within 10/0.4 kV substations as the solution for these challenges.

These batteries would be charged during the hours when photovoltaic facilities have high output in order to reduce and prevent reverse power flow. The idea is to discharge BESS units during hours of peak consumption and low voltage.

The main goal is to minimize voltage deviations in areas that the substations cover, during periods of production and consumption fluctuations. It would increase the hosting capacity for new prosumers, and enhance the stability of the distribution grid under an increased PV plant integration.

Scalability of the battery is one of the conditions for the bidders set by EPCG.

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December 8, 2025
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Zagreb to invest EUR 56 million in waste management, low-emission machinery

Croatia’s capital, Zagreb, intends to invest EUR 56 million in waste management, green areas, and low-emission machinery. It expects the investment to reduce the environmental footprint of its municipal utilities and their operating costs.

Zagreb Holding (ZGH), the umbrella firm for the city’s utility companies, has requested approval from the authorities for a long-term EUR 56 million green loan agreement.

The Zagreb city assembly will decide on the request on December 16.

The green loan agreement with the International Finance Corporation (IFC) would finance investments aimed at supporting the development of circular waste management by procuring lower-emission vehicles and machinery for separate waste collection, developing green spaces, and maintaining roads.

ZGH to introduce smart waste management technologies

The loan would also be used for primary waste separation infrastructure, bio-waste treatment facilities, as well as information and communication technologies for data-driven smart waste management operations, ZGH said.

The company intends to replace its existing outdated machinery by acquiring municipal vehicles, machines, and equipment, with the aim of increasing operational efficiency and the scope of services provided to citizens.

Additionally, this investment will have a significant environmental impact by reducing greenhouse gas emissions.

NOx and PM emissions will be reduced by up to 80%

According to an analysis by ZGH, the average age of more than 300 vehicles, machines, and pieces of equipment is 14 years, which significantly exceeds the average economic service life of vehicles and machines. More than 70% of the vehicles do not meet current environmental standards (EURO 6), which leads to negative impacts on the environment and rising maintenance costs.

Thanks to the investment in EURO 6 and Stage V compliant vehicles, emissions of nitrogen oxides (NOx) and PM particles would be reduced by up to 80%, the update reads.

ZGH plans to introduce digital systems to increase the operational efficiency of its vehicles and machinery, such as monitoring fuel consumption, technical condition, and mileage.

The loan proceeds will be allocated to the city’s public utilities.

The waste utility Čistoća will receive EUR 22.2 million, road utility Zagrebačke Ceste EUR 14.9 million, green areas utility Zrinjevac EUR 16.4 million, cemetery utility Gradska Groblja EUR 861,000, the ICT Sector EUR 1.5 million, and the customer relations sector EUR 120,000.

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December 3, 2025
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Econergy secures financing for 87 MW Oradea solar plant in Romania

Econergy Renewable Energy has signed a EUR 40.5 million project finance agreement with UniCredit Bank for its 87 MW Oradea solar power plant in the Crișana region in north-west Romania.

The Oradea photovoltaic facility has been fully connected to the grid since August 2025, and is generating revenues, according to Israel-based Econergy.

The proceeds will be used for various purposes including refinancing of the loans spent to construct the power plant, the company explained.

Within a strategy to hybridize its Romanian solar portfolio, Econergy plans to add a 68 MW BESS component at the Oradea site.

It is the second project finance agreement secured with UniCredit

The expected investment in energy storage is about EUR 21 million, with an estimated annual contribution of EUR 8.4 million in revenues and EUR 6.7 million in EBITDA, based on the first five full operating years, the update reads.

The company said it is its second project finance agreement secured with UniCredit.

Econergy Group is operating in key European markets, including Germany, the UK, Italy, Spain, Romania, Poland, and Greece. It develops photovoltaic, wind, and energy storage projects.

The current project pipeline exceeds 14 GW, according to the company’s website.

Econergy is the owner of the largest PV facility in Romania

The company generates revenue by selling electricity, earning development and operation fees, and selling projects at various stages of development.

Of note, Econergy is the owner of the largest PV facility in Romania. In October it agreed to buy out Nofar’s 50% stake in the 155 MW Rătești solar power plant. The firm plans to add a 120 MW BESS.

Econergy has four PV plants in Romania. With the inauguration of Oradea, the company’s operational and ready-to-connect capacity in the country has reached 447 MW. It is building another 788 MW and expects to start the construction of 559 MW more by the end of 2025.

The project was developed with Phoenix Holdings.

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December 2, 2025
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Federation of BiH to upgrade air quality monitoring with EUR 1.1 million

The Federation of Bosnia and Herzegovina is investing BAM 2.2 million to upgrade the air quality monitoring system.

Federal Minister of Environment and Tourism Nasiha Pozder has signed contracts worth BAM 2.19 million (EUR 1.1 million) for the procurement of up-to-date equipment to upgrade the measurement program of the stations in the Federal Air Quality Monitoring Network.

The units are managed by the Federal Hydrometeorological Institute (FHMZ).

The procurement of the equipment is financed by a loan from the International Bank for Reconstruction and Development (IBRD), as part of the Air Quality Improvement Project in Bosnia and Herzegovina. It is being implemented with the support of the World Bank.

The equipment will be supplied by two firms

The contracts envisage the purchase of air quality equipment worth BAM 1.8 million KM (about EUR 920,000) to be supplied by Sarajevo-based firm E3, and laboratory equipment worth BAM 142.422 KM (about EUR 73,000), to be delivered by Altium International, registered in Sarajevo. The third one – worth BAM 218,040 KM (EUR 111,500) – is for spare parts, and the supplier is also E3.

The equipment will enable the full implementation of the measurement program at all stations of the federal network, including all key parameters for assessing air quality, according to the Ministry of Environment and Tourism.

Mostar and Tuzla will get two stations

The system has been further expanded with the installation of two fixed stations in Mostar and Tuzla. FHMZ also received one mobile station for emergency field measurements in case of accidents.

The FHMZ laboratory has also been improved. Now it has the capacity to conduct analyses of polycyclic aromatic hydrocarbons (PAHs), important indicators of pollution and health risks to the population.

The equipment represents a significant step toward a more comprehensive, reliable, and modern air quality monitoring system in FBiH, the ministry underlined.

Pozder: Faster response to increases in air pollution

Minister Pozder stressed it is one of the most concrete steps toward strengthening the infrastructure for air quality monitoring.

She recalled that the public has the right to accurate information about the air it breathes and that institutions are obligated to provide reliable data and modern systems.

“Today, we are entering a new phase of modernization that will enable better planning and faster responses to increased air pollution,” Pozder said.

Almir Bijedić, director of FHMZ, pointed out that the new equipment and information system would significantly improve the accuracy and reliability of the institution’s work. It is the largest investment to date, he added.

Bijedić: It is very important that now we have the ability to analyze the concentration of PAHs

“FHMZ will be able to provide higher quality and faster information to citizens and institutions. It is very important that the new system enables the analysis of PAHs, allowing us for the first time to fully monitor the parameters critical for assessing health risks. This is a major step forward for the institute and the Federation of BiH,” Bijedić said.

The ministry noted it is completing the procurement of a new air quality information system, estimated at BAM 150,000 (EUR 77,000). It will significantly improve the digital capabilities of the monitoring system.

The new software will enable faster and more reliable validation and verification of data, real-time data display, centralized management, and more secure data storage, as well as more detailed trend analyses and automated reporting to the European Environment Agency (EEA), the Ministry of Environment and Tourism explained.

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December 2, 2025
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Serbia’s EPS starts trial operation of its first wind park Kostolac

Serbia’s state-owned power utility Elektroprivreda Srbije put the 66 MW Kostolac wind farm into trial operation.

The construction of Kostolac is complete, and Elektroprivreda Srbije’s (EPS) first wind farm has generated its first megawatt-hours, EPS announced.

Upon receiving approval for connecting to the transmission system, the substation was energized and the blades of wind turbine 1 began to spin. It marked the start of the trial operation of the new generation capacity, the company said, and added that the kickoff of the remaining wind turbines is underway.

EPS’s first wind power plant, with 20 generators, is located at sites called Drmno, Petka, Ćirikovac and Klenovnik, at an area of closed open-pit mines of its subsidiary Termoelektrane i kopovi Kostolac (TE-KO Kostolac). It operates coal-fired power plants and open-pit coal mines.

Živković: It is a historic moment for EPS

Closed coal mines are ideal locations for installing wind farms and solar power plants, due to existing infrastructure. The concept has become widespread in Balkan countries.

“This is a historic moment for EPS. In addition to energy from water, coal, and the sun, now the first wind farm is online. This is a big step toward increasing the share of renewable energy and achieving sustainable energy development for EPS and the entire Serbian energy sector,” CEO Dušan Živković underlined.

He pointed out that the wind farm is just the beginning of future intensive development of new green capacities. It is very significant that it was built on the site of an old mining landfill and that the space has been given a completely new, sustainable purpose, he added.

The wind farm is expected to produce 187 million kWh annually

serbia eps wind farm Kostolac trial operation coal mine
Photo: EPS/Zoran Gavrilović

Živković recalled that the construction of the wind farm was a major challenge, but also a real opportunity for experienced engineers and young, new professionals at EPS to gain new knowledge and experience for future projects.

The planned annual production of the wind farm is 187 million kWh, which is enough to supply about 30,000 households with green electricity, according to EPS.

The project is financed by a EUR 110 million loan from Germany’s KfW Development Bank and a EUR 30 million grant from the European Union via the Western Balkans Investment Framework (WBIF), while the company provided a part of the needed funds, EPS said.

Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović said in January 2024, at the signing of an agreement with the EU for the EUR 30 million grant, that it has completed the financing of the project.

According to WBIF’s update from December 2024, the project was valued at EUR 145.1 million. It comprised EUR 81.8 million from a KfW loan and EUR 31 from WBIF in the form of a grant, while EPS provided EUR 32.3 million.

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November 17, 2025
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Serbia’s EPS inks EUR 109.7 million deal for Vlasina HPPs revamp

Serbia’s power utility Elektroprivreda Srbije (EPS) signed a contract for the modernization of its Vlasina hydropower plants with Energotehnika – Južna Bačka.

The contract for the reconstruction and modernization of the Vlasina (Vlasinske) hydropower plants (HPPs), with a capacity of 129 MW, was signed by Dušan Živković (sitting first from right), Chief Executive Officer of Elektroprivreda Srbije (EPS), and representatives of Energotehnika Južna Bačka – Marko Iskrin (second from left), Executive Director for Technical Affairs, and Nikola Labus (first from left), Deputy Executive Director for Financial Affairs.

Of note, in mid-July, Hungarian state-owned energy company MVM became the majority owner of Energotehnika – Južna Bačka.

The total value of the project is estimated at EUR 109.7 million. It envisages the reconstruction and modernization of generation units, auxiliary systems, and hydromechanical equipment. The main equipment suppliers are Andritz Hydro and Gamesa Electric, EPS said.

Financing has been secured through a EUR 67 million loan from the European Bank for Reconstruction and Development (EBRD), a EUR 15.4 million grant from the European Union via the Western Balkans Investment Framework (WBIF), and EPS’s own funds in the amount of EUR 27.2 million.

The capacity of the Vlasina HPPs would be increased by 8 MW

“On the day when the Vlasina HPPs celebrate their 70th anniversary, we officially start the project of their modernization. The result would be an increase in the installed capacity by 8 MW and reliable operation for the next three to four decades,” Dušan Živković underlined.

He recalled that the Vlasina HPPs are unique plants in the EPS portfolio. They operate in a cascade system, generating electricity four times one after the other and representing a significant source of peak energy.

The Vlasina HPPs began operating in 1955

According to Milan Aleksić (second from left in back row), advisor to the Minister of Mining and Energy for capital projects, investments are key to securing an electricity supply amid growing demand and the need to rely more on renewable energy sources.

Vlasina started its operations on November 6, 1955, with the commissioning of the first unit at the Vrla 1 hydropower plant.

The system consists of the Vlasina lake – reservoir, four cascade run-of-river hydropower plants, and the Lisina pumping station with the Lisina reservoir. Since the start of operation, the plants have produced more than 17 million GWh.

The signing was also attended by Francesco Corbo (first from left in back row), Regional Head of Energy for the Western Balkans and Croatia at the European Bank for Reconstruction and Development (EBRD).

Photo: EPS/Nenad Kostić
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August 27, 2025
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Croatian Bank for Reconstruction and Development secures EUR 50 million for firms for green investments

The Croatian Bank for Reconstruction and Development has secured EUR 150 million from the European Investment Bank, of which at least one third is dedicated to green investments by businesses in the country.

A new finance contract with the European Investment Bank (EIB) provides EUR 150 million to finance projects of mid-caps, large private companies and public entities in Croatia, the Croatian Bank for Reconstruction and Development (HBOR) said.

The loan particularly promotes green investments. It is the first tranche of a new EUR 350 million financing agreement between the EIB and HBOR to expand access to financing for Croatian companies.

The package will be deployed via direct lending by HBOR and through commercial banks and other financial intermediaries.

At least 30% of the financing is for projects contributing to green transition

At least 30% of the financing is for projects contributing to green transition, including investments in energy efficiency, renewable energy sources, sustainable construction and clean transport, Croatia’s bank noted.

According to EIB Vice-President Teresa Czerwińska, the initiative will expand financial support to a broad range of Croatian companies and public entities, with a strong emphasis on climate action and sustainability.

The operation is structured as a multi-beneficiary intermediated loan (MBIL). In addition to advancing the European Union‘s goals to promote climate action and environmental sustainability, it will help foster economic activity and social cohesion across Croatia, HBOR said.

The EIB and HBOR have concluded 28 finance contracts worth EUR 3.8 billion overall

HBOR will ensure, as it has so far in cooperation with EIB, that all end-beneficiaries comply with relevant national and EU legislation, with a special focus on preserving environmental, climate and social standards.

The new financing further reinforces HBOR’s role in supporting green and climate-resilient projects, contributing to the achievement of the strategic goals of Croatia and the European Union for the ​​green transition, according to Hrvoje Čuvalo, President of the Management Board of HBOR.

EIB and HBOR have concluded 28 finance contracts so far, worth EUR 3.8 billion, for financing more than 8,000 projects across Croatia.

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