The European Bank for Reconstruction and Development (EBRD) has lent €58 million (£48.5m) to help finance Kosovo’s biggest wind farm.
The 105MW Bajgora wind farm in the north of the country is expected to help displace a proportion of the nation’s coal generation – the country currently relies heavily on lignite.
The facility will represent around 10% of Kosovo’s total installed capacity when complete and reduce annual carbon dioxide emissions by roughly 247.000 tonnes.
The EBRD loan provides around half of the total finance required for the project. with the rest to be provided by Erste Group Bank and NLB Bank.
Harry Boyd-Carpenter. Director for Energy EMEA at EBRD. said: It is great to see a country that has relied for so long on lignite begin to exploit its renewable potential.
The success of this project is a tribute to all involved but especially the Kosovar authorities. who have built a contractual framework that can attract high-quality international investors and lenders.