BRUSSELS, Belgium, May 12 -- The European Investment Bank issued the following news release:
The European Investment Bank (EIB), the climate bank of European Union, will provide a Euros300 000 grant to Elektroprivreda Bosne i Hercegovine to conduct an environmental assessment of the Vlasic site of a new windfarm. This technical assistance will facilitate the construction of a 50 MW windfarm in the Travnik region, which will support the transition to renewable, secure and sustainable energy resources, as well as the decarbonisation of the local and Western Balkan economy. As the second grant signed for Bosnia and Herzegovina under the new branch EIB Global, it demonstrates the Bank's determination to scale up its technical and financial support for addressing the country's most urgent needs and green transition process.
More specifically, the EIB grant will help develop a biodiversity management plan outlining the management action to be taken in line with the highest EU environment protection practices. The funds are being provided under the EIB's Economic Resilience Initiative (ERI), as part of the EIB's and European Union's response to the challenges in the Western Balkans by providing financial support for infrastructure and private sector development. Within the spirit of Team Europe, the project will be implemented under the Mutual Reliance Initiative (MRI), which provides enhanced expertise to make project preparation and financing more effective.
EIB Vice-President Lilyana Pavlova who is responsible for Bosnia and Herzegovina said: "This grant is another example of our unwavering support for the sustainable development of Bosnia and Herzegovina that stretches back over 40 years. The EIB's technical support will accelerate the preparation of the project for the construction of a windfarm in Vlasic and its connection to the local energy grid. As a result of these efforts, the country will be able to strengthen its energy supply, increase power generation from renewable resources and reduce dependence on fossil fuels. Developing the infrastructure will generate numerous benefits for local communities and bring the country closer in line with the Green Agenda's environmental goals for the Western Balkans."
Director General of Elektroprivreda Bosnia and Herzegovina Admir Andelija said: "The project for building the Vlasic windfarm is one of the most important in the category of renewable energy sources which we intend to implement in the coming period. The aim of the project is to contribute to the production of electrical energy with no harmful emissions and to increase the share of renewable energy in the production portfolio of our company and for Bosnia and Herzegovina as a whole. It also contributes to climate action by reducing CO2 emissions, and gives positive impetus to sustainable economic and social development in Bosnia and Herzegovina."
Under the Western Balkans Investment Framework, the EIB has already provided around Euros655 000 in grants. The funds are being used for developing the feasibility study for the construction of the Vlasic windfarm, including the implementation of initial measures, wind analysis, geographical research, research in the field of zero carbon emissions, the development of the study on the environment and social impact, and the preparation of tender documentation. Since the start of the COVID-19 crisis in February 2020, the EIB has unlocked Euros658 million in loans for Bosnia and Herzegovina and six grants to support the sustainable development of the country.