IFC Joins Forces with Energy 3 to Boost Renewable Energy in Bosnia and Herzegovina
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.