They are joining forces to fund the reconstruction of the Vlasinske hydropower cascade – an important step in the modernisation of Serbia's energy infrastructure.

The EBRD is providing a loan of up to €67 million to Serbia's national electricity company, Elektroprivreda Srbije (EPS), for the reconstruction of the power plant. In addition, the EU is providing a €15.4 million investment grant to Serbia under the Western Balkans Investment Framework (WBIF).

Originally constructed in 1946, the Vlasinske hydropower cascade is one of the oldest hydropower plants in Serbia. This investment will not only extend the plant's operational life, but also boost its installed capacity by 8 MW, increasing its total capacity from 129 MW to 137 MW.

Matteo Colangeli, the EBRD's Regional Head of the Western Balkans, said: “We are pleased to be financing the reconstruction of the Vlasinske hydropower cascade, an important project for Serbia's energy security, and increasing renewables' share of its generation mix, including by enabling greater integration of intermittent sources like wind and solar. Serbia is making progress on its green energy transition, which is crucial to maintaining economic competitiveness and raising environmental standards. The EBRD is committed to continuing to support this journey through more investments, technical assistance and policy advice.”

The EBRD continues to be a key partner in supporting Serbia's transition from coal to clean energy. This includes financing renewable energy projects, offering technical expertise, and helping to modernise the country's energy infrastructure to meet green energy goals and EU environmental standards.

The EBRD is a leading institutional investor in Serbia, having invested more than €9.8 billion through 372 projects to date. The Bank's focus in Serbia is on boosting private-sector competitiveness, the transition to green energy, and sustainable infrastructure.