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View Full Version : EBRD and EPS sign EUR 80mn loan agreement



poiuytrewq0987
07-29-2011, 10:13 AM
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EPS will use it to improve environmental protection in the Kolubara coal-basin. The contract was signed by EPS General Manager Zoran Manasijević and Head of the EBRD Office in Serbia Hildegard Gacek.

The EBRD and the German Development Bank (KfW) loans, worth EUR 80 million and EUR 74 million respectively, will cover 85 percent of the project cost, while EPS will provide the remaining funds through its sale of electric energy.

Gacek underlined that the loan will be used for the provision of a new system for coal excavation, as well as for improvement of the quality of Kolubara's lignite, which will assist in reducing the CO2 emissions by 200,000 tons on an annual basis.

A total cost of the Kolubara project amounts to EUR 140mn.

Once it is completed, the project will enable the production of higher quality coal, more green production of electric energy in thermal electric power plants and reduction in the emissions of harmful substances in line with the EU directives.

The Kolubara coal-basin, with the annual production of around 30 million tons of coal, secures around 75 percent of lignite used in the EPS thermal electric power plants.

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