Bosnia and Herzegovina, Decision on the HET’s recapitalization was not approved

, SEE Energy News

At the shareholders meeting of “Hidroelektrane na Drini” (HET), a decision on the company’s recapitalization was not approved, because the
parent company – state-owned power utility ERS abstained from voting.

Last week, HET announced that it plans to recapitalize by issuing shares worth as much as 223 million euros, which is some 25 million euros
more than the current total value of the company’s share capital. The sole purpose of the capital increase is to raise funds for the project for the construction of hydropower plant Dabar.

According to unconfirmed information, Serbia, through its power utility EPS, is interested in buying shares in HEP, while power utility EPBIH also expressed interest in investing in HET. However, Director of HET Gordan Miselic said that the Government of the Republic of Srpska (RS) will invest in the planned capital increase of the company in order to maintain the controlling stake in it.

HET recorded a net profit in the amount of 2.5 million euros in the first half of 2021. HET operates HPPs Trebinje 1 and 2, pump-storage
HPP Capljijna and shares production of HPP Dubrovnik with Croatian HEP.

Currently, ERS owns 65 % of HET’s shares, RS Pension Fund owns 10 % and the remaining 25 % is held by small shareholders.