📋 Tender Overview
Project ID: 56383
Status: Exploratory
Location: North Macedonia
Business Sector: Energy
Notice Type: State
Approval Date: 05 Nov 2025
Disclosure date: 02 Sep 2025
Project Description
The EBRD is considering extending a sovereign-guaranteed loan of up to €37 million to JSC Elektrana Severna Makedonija (the "Company" or "ESM") to finance the development of the Bitola 3 PV plant. The project entails the construction of a 134 MWdc solar PV power plant on the site of the exhausted Bitola coal mine in North Macedonia (the "Project"). The total estimated cost of the Project is €87 million, which is to be co-financed with a €50 million sovereign guaranteed loan from Kreditanstalt für Wiederaufbau ("KfW").
Project Objectives
The Project will deliver 134 MWdc of newly installed renewable energy capacity, generating approximately 175,947 MWh of green electricity annually and resulting in 130,729 tCO2 emission reductions. The Project is 100% GET and it's recognized as a key priority investment under the Just Energy Transition Investment Platform ("JETIP"), a flagship initiative launched in 2023 by Macedonian authorities, with technical support from the EBRD.
Transition Impact
ETI score: 71
The Project target the Green transition quality as it involves the construction and operation of a 134 MWdc PV power plant on the site of an exhausted coal mine in Bitola, therefore increasing green power generation capacity, and accelerating coal phase out in North Macedonia.
The Project also targets the Well Governed quality by contributing to the enhancement of the Company's corporate governance standards. This will be achieved through the implementation of anti-corruption measures, including targeted training programmes and the development of internal compliance policies and procedures. These efforts establish the groundwork for the Company's newly formed internal compliance department, enabling it to provide informed guidance and assessments on critical governance issues such as conflicts of interest and corruption.
