EBRD Board of Directors visits the Kovačica Wind Park

Members of the EBRD Board of Directors, as part of their official visit to Serbia, visited the Kovačica wind park, one of the founders of the Association Renewable Energy Sources of Serbia. The construction of the Kovačica Power Plant was largely financed by an EBRD loan, while the Association RES Serbia was created with the support of the EBRD, which determined the funds for its establishment and development. The EBRD (European Bank for Reconstruction and Development) is one of the leading investors in the green economy in Serbia and is committed to strengthening the dialogue between the private and public sectors. In addition to the Kovačica Wind Park, members of the EBRD Board of Directors also visited the Gallery of Naive Art in Kovačica.

Representatives of the company New Energy Solutions Miloš Colić and Nikola Luković introduced the members of the EBRD Board of Directors to the development and operation of the Kovačica wind farm, in which 189 million euros were invested, and the Pupin wind farm, which has all the necessary permits and is ready for construction, was also presented. Danijela Isailović, manager of the Association RES Serbia, presented to the members of the EBRD Board of Directors the results of the Association’s work and the current view of the situation in the RES sector.

Representatives of the EBRD Board of Directors are on an official visit to Serbia from March 1st to 3rd to meet with the authorities, clients from the private sector, civil society, the diplomatic community and other interested parties, as well as to visit EBRD green investment projects.

Board directors represent one or more of the EBRD’s 73 shareholders: 71 countries plus the EU and the EIB. The EBRD Board of Directors approves the Bank’s investment projects, strategies and policies.

The delegation of the Board will be accompanied by Matteo Colangeli, regional director for the Western Balkans, as a representative of the senior management of the EBRD.

To date, the EBRD has invested 7.9 billion euros in Serbia. In 2022 alone, 650 million euros were secured, of which more than three quarters went to projects in the private sector. Current EBRD Strategy for Serbia for 2018-23 has the following priorities: encouraging competitiveness and governance; improvement of integration through improvement of the transport network and improvement of regional economic connectivity and energy interconnection; and supporting the green economy, including energy efficiency and renewable energy.