EBRD is considering lending EUR 7 million to ELEM for the construction of 10 MW photovoltaic solar project in Oslomej, Macedonia. The PV plant will be constructed on the exhausted coal mine of the TPP Oslomej and the electricity produced will be directly sold in the nearby grid.
The objective of ELEM is to make its first investment into PV plant, as part of the company's strategy to decarbonise and develop a portfolio of RES projects. Furthermore, ELEM will take advantage of the proximity of the existing TPP substation, and at the same time the Project is likely to offset ELEM's obligation to invest in rehabilitating the site.
The project will target the Green Transition Quality by supporting the development of a 10MW solar PV plant which is expected to displace 12,177 tonnes of CO2 annually. Electricity produced will be sold through the market without depending on a support scheme such as the feed-in-tariff.
