EPS and German company KfW signed contract on crediting refurbishment of hydroelectric power plant "Zvornik" - project worth 70m EUR

- "Electric Power Company of Serbia" (EPS) and German company KfW have signed the contract on approval of 70m EUR worth of loan for revitalization of Hydroelectric power plant "Zvornik" - people from EPS announced on Sunday (November 1, 2009).

According to the announcement, the Memorandum of Understanding has been signed for use of the loan of 70m EUR for refurbishment of Hydroelectric power plant "Zvornik", which produces electric energy for 54 years now.

The contract has been signed by Dragomir Marković, the Director General of EPS, Fric Roskof, a representative of KfW, and Mirjana Bočkin, a representative of the Ministry of Finance of Serbia.

It is the loan for the energy sector, and its approval was agreed during the official negotiations between the governments of Serbia and Germany in 2008.

The delegation of KfW visited Hydroelectric power plant "Zvornik" in the period between October 25 and 30 in order to define all the details concerning the beginning of realization of the credit arrangement.

Refurbishment of Hydroelectric power plant "Zvornik" includes the following: replacement of some vital parts of turbines, with the increase in power from 24 to 32.4 MW, necessary works on drainage and cooling systems, replacement of all four generators, installation of new block transformers, etc. All required equipment and works will be financed from the KfW Bank's loan of 70m EUR and EPS's funds.

Elektroprivreda Srbije ad Beograd

KfW Bankengruppe Frankfurt am Main

KfW kancelarija Beograd

PD Drinsko- Limske hidroelektrane Bajina Bašta

Ministarstvo finansija Republike Srbije

Vlada Republike Srbije

Ambasada SR Nemačke Beograd

Electric Power Company of Serbia

EPS

KfW

Hydroelectric power plant Zvornik

Drina

Dragomir Marković

Fric Roskof

Ministry of Finance

Mirjana Bočkin

Government of Serbia

KfW Bank

Embassy of Germany to Belgrade