EBRD Confirms Commitment to Provide Green Energy Finance in Western Balkans


/7th April 2020, by EBRD/


The Western Balkans is a priority region for the EBRD. Today, the EBRD remains one of the largest institutional investors in countries of the region, with close to €12 billion invested to date. Since 2006, the EBRD has invested more than €3 billion in the “greening” of the region. Together with providing funding, the Bank is also very active in engaging with national governments to reform legal and policy frameworks to create an environment in which individual projects can succeed and wider impact is possible. For instance, in North Macedonia, an energy efficiency law drafted with EBRD support and approved by the government has recently passed its first reading in parliament; meanwhile, on the renewable side, the EBRD support was crucial in launching and awarding the first private solar photovoltaic competitive auction in the country.

Large-scale investments in renewable energy projects are providing alternative power sources to traditional coal, and work is being carried out to modernise the district heating networks across the region.

In Albania, the EBRD financed the modernisation of Korporata Elektroenergjitike Shqiptare (KESH), the largest generator of electricity in the country, supporting the company with a restructuring and reform package.

The Bank financed the first two large-scale wind farms in Kosovo: Kitka and Bajgora wind farms, providing a concrete way forward to address the challenge of power cuts and pollution caused by the lignite coal powering Kosovo’s two main electricity plants.

In Montenegro, following a long policy dialogue on the bankability of the power purchase agreement, the EBRD was the first financial institution to structure a project finance loan for the Krnovo wind farm, the first private wind farm in the country and at the time of financial close also the first private wind farm in the Western Balkans region.

In North Macedonia, the EBRD financed ESM, the first large-scale solar power plant on the site of an exhausted lignite coal mine, representing a tangible example of how to implement some of the solutions of the EU Just Transition policy for coal mine regions in the Western Balkans.

In Serbia, the Bank backed the construction of the country’s two largest wind farms: the 158MW Čibuk wind farm in Dolovo; and the Kovacica wind farm with a capacity of 104 MW.

Ten cities around the region have joined EBRD Green Cities, the Bank’s successful urban sustainability programme. The €1 billion programme with currently 39 participant cities recognises that 80 per cent of greenhouse gas emissions come from cities and are therefore a key location for addressing climate change.

Supporting residential energy efficiency, the Bank has reached more than 3,500 families across the six countries of the Western Balkans through the Bank’s Green Economy Financing Facility (GEFF). The programme provides financing to local banks for on-lending to households to invest in green technologies and solutions such as improving home insulation and installing efficient boilers.

The more information about solar photovoltaic (PV) and wind power in Western Balkans, including full contact details of solar power project owners and developers in Croatia you may read here: Western Balkans Solar Photovoltaic (PV) and Wind Power Market Outlooks 2020÷2030 

To download the executive summary brochure with sample pages for the solar sector, please access from here: Western Balkans Solar Photovoltaic (PV) Power Market Outlook - Sample

For better understanding about benefits from using our reports you may read here: Benefit List - Reports of Renewable Market Watch 

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