SPONSORS

SPONSORS

European banks to fund State-of-the-art Thermal Power Plant project in Slovenia

PROGRAM / PROJECT NEWS 

16 March 2013 – London – The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) have announced that they are moving ahead with financial support for the construction of a state-of-the-art thermal power plant and associated infrastructure in the city of Sostanj in Slovenia.  Approval of funds for the project follows a comprehensive assessment of the fulfillment of the conditions for disbursement set under the relevant Finance Contract, including those relating to the Guarantee of the Republic of Slovenia ratified by the Slovenian Parliament on 21 December 2012 which came into force on 30 December 2012.

european-thermal-power-planModernisation of Termoelektrarna Šoštanj (TEŠ) focuses on the replacement of four existing low efficiency units with a new state-of-the art supercritical 600 MW unit 6 with full environmental protection systems constructed within the boundaries of the existing Šoštanj Power Plant in the town of Šoštanj, north-east Slovenia.

The proposed TEŠ’s modernisation programme will substantially decrease the environmental impact from its operations. More specifically, the new unit 6 will improve efficiency by increasing the production of electric energy per tonne of coal. The new plant will generate up to 30 per cent more electricity with no additional C02 emissions. (tonnes of CO2 released per kWh produced).

Furthermore, the proposed modernisation programme will enable TEŠ to meet future environmental requirements as set out in the draft EU Industrial Emissions Directive (IED) expected to be implemented by 2012, replacing the existing Large Combustion Plan Directive and the Integrated Pollution and Prevention Directive. The new unit is expected to become commercially operational in 2015.

The EBRD announced in January a €200 million loan to the Slovenian state-owned thermal power plant, Termoelektrarna Šoštanj, to co-finance the modernisation programme. A fully-owned subsidiary of Holding Slovenske Elektrarne d.o.o., Šoštanj Thermal Power Plant is the biggest producer and wholesaler of electricity in Slovenia, accounting for one third of the country’s electricity production.

For more information about EBRD projects in Slovenia, go to http://www.ebrd.com/pages/country/slovenia.shtml

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to nurture the private sector in central and eastern Europe and ex-soviet countries. Today the EBRD uses investment to help build market economies and democracies in countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses.  The EBRD invested €8.7 billion in 388 individual projects in 2012.  For more information about the bank, visit http://www.ebrd.com/index.htm

Source: EBRD