Serbia: World Bank to provide funding for waste-to-energy project, News Serbia Energy
The World Bank said that it will provide a 259.57 million euros financing and guarantees package for the construction of a new landfill and energy-from-waste facility in Serbia’s capital Belgrade.
The statement from the Bank said that the financing will be provided to Beo Cista Energija, a joint venture established by the French utility company Suez, Japanese Itochu and equity fund Marguerite Fund, through the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
IFC’s financing includes an A loan of up to 72.2 million euros, a parallel loan from Oesterreichische Entwicklungsbank (OeEB) of up to 35 million euros, a B loan of up to 35 million euros, and a concessional senior loan of up to 20 million euros from the Canada-IFC Blended Climate Finance Program. MIGA guarantees of 97.3 million euros are being provided for up to 20 years against non-commercial risks, including breach of contract. The guarantees are covering up to 90 % of investor equity in Beo Cista Energija.
Earlier this week, said that it will provide a 72 million euros loan for the construction of a new landfill and accompanying waste-to-energy facility in Belgrade. The statement from the Bank said that it is providing a 72 million loan for its own account, arranging a syndicated loan of 35 million euros for the account of project participants and mobilizing a 21 million euros concessional finance funded by Taiwan ICDF.
In July, a consortium consisting of French Suez, Japanese Itochu and Luxembourg-based equity fund Marguerite has signed a 25-year contract to provide Serbia’s capital with heat produced from the energy recovery of waste. The contract marks the next phase in the implementation of the public-private partnership (PPP) signed in 2017 between the city of Belgrade and the joint venture Beo Cista Energija to develop a project of waste-to-energy facility planned to be built at Vinca landfill. Beo Cista Energija has committed to invest 285 million euros in the development of infrastructure that will process 500,000 tons of municipal waste and 200,000 tons of construction and demolition waste each year. The energy-from-waste facility will produce up to 30 MW of electricity, plus 56 MW of heat purchased by the municipal district heating company, thus reducing its natural gas consumption by 80 % during the winter season.
The PPP project also includes the gradual closure of the existing Vinca landfill.
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