Norwegians eye hydropower projects in Serbia and Montenegro
13.10.2014 // Serbia and Montenegro could see an influx of Norwegian investments, should the Norwegian Export Credit Guarantee Agency (GIEK) make positive assessments on hydropower projects, following its recent visit to the two Balkan countries.
The GIEK delegation visited Serbia and Montenegro from September 29 to October 4 with an aim to analyze the possibility of participation in financing projects dealing with renewable energy and hydropower. The delegation held meetings with all the relevant institutions including IRF (Investment and Development Fund of Montenegro), ministries, NGOs, banks, international funds, the Norwegian Embassy in Belgrade and all other stakeholders in the development of hydropower projects
.
Milan Barackov, one of the organizers of the visit, said that GIEK sees every project as a unique case, and therefore decisions on each project may be different (positive and negative), depending on the overall quality of the project (financial, construction, environmental, etc.).
“Time for making decisions for such projects can also vary, but it is a process that can take up to several months,” Barackov said.
As the EU candidate countries, Serbia and Montenegro are obliged to adjust its laws with EU legislation, but also to raise production of green energy from renewable sources to 27% of the total energy produced. In this way, the use of large hydropower potential would increase, while the use of dirty technologies currently present in over 50% of the total electricity production, would be reduced significantly.
According to Barackov, Norway, as one of the main producers of hydropower globally, would be a great partner to the Balkan countries, through the placement of high-grade equipment (mechanical and electrical) and pipelines
. “Norway can also raise the level of knowledge of local partners and share positive experiences the Norwegian companies and institutions have in the field,” Barackov added
.
GIEK is a Norwegian government agency founded in 1960 with the purpose of granting guarantees for Norwegian export companies
. It operates under the Norwegian Ministry of Trade and Industry. The Norwegian consortium will be presented at the Energy Fair in Belgrade due on October 13-16.
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