AGREEMENT ON STRATEGIC PARTNERSHIP FOR THE PROJECT OF HYDROPOWER SYSTEM (HES) “UPPER DRINA” SIGNED

Agreement on strategic partnership for the project of hydropower system (HES) “Upper Drina”, worth 460 million euros, was signed on 27th September in Banja Luka by representatives of German Power Company “RWE”, Joint Holding Elektroprivreda RS and the RS Government.  

Agreement was signed by Minister of Industry, Energy and Mining of RS Zeljko Kovacevic, Managing Director of “Elektroprivreda RS” Branislava Milekic, Executive Director for Investment and Development at “Elektroprivreda RS” Vladislav Vladicic, Director of hydro and new projects at “RWE Innogy”, which is dependent of the “RWE” Olaf Heil.

On this occasion Minister Kovacevic said that the start of construction of the first power plant “Buk Bijela” is planned for the beginning of September 2014, and that in total it is planned to construct four hydropower plants on the Upper Drina.

“Contract provides strategic partnership in the ownership ratio of 60% for the company 'RWE' and 40 40% for 'Elektroprivreda RS ', or more precisely RS, with the possibility that 'Elektroprivreda RS' will subsequently be joined by enterprise 'Hidroelektrane na Drini' from Visegrad,” according to Kovacevic.

Representative of the strategic partner Olaf Heil said that for this company the goal was to establish a partnership with RS.

German ambassador in BH Ulrike Maria Knotz said that B&H has great potential for renewable energy and it is good that such a potential can be used.

“'RWE' is a THE leading company in the world in the field of renewable energy sources. This may be a signal to other investors that they can invest in RS,” Ambassador Ulrike Maria Knotz added.