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24 January 2018, 19:33

Plans to build four biogas cogeneration plants in Belarus using EBRD loan

MINSK, 24 January (BelTA) – Four biogas cogeneration plants will be commissioned in Belarus, the press service of the European Bank for Reconstruction and Development (EBRD) told BelTA.

According to the source, the EBRD supports renewable energy industry and foreign investments in Belarus by means of financing the construction of four biogas cogeneration plants across the country. A loan of up to $15 million will be used in order to build and commission four biogas cogeneration plants with the total installed capacity of 4MW. The loan will be granted to three special design companies owned by Lithuanian UAB Modus Group. The cogeneration plants will be located in Grodno Oblast and Brest Oblast.

This project will be the first direct investment by the EBRD in Belarus' power engineering industry. The cogeneration plants will generate 32 gigawatt hours of electricity every year while reducing carbon dioxide emissions by 15,300 tonnes.

Money for the project has been provided by the Japanese government as part of a technical cooperation scheme via the EBRD's division for preparing and implementing green economy projects.

Head of the EBRD Office in Belarus Alexander Pivovarsky noted that the project matches the EBRD's country strategy for Belarus and the bank's approach to green economy. It will improve the energy budget in the country and will help develop projects in the area of renewable energy sources, he stressed.

Harry Boyd-Carpenter, the EBRD's Director for Power and Energy Utilities, stated: “We are happy to finance this project, which will be implemented by such a dynamic and rapidly growing sponsor like Modus Group. This deal also represents our first direct investment in the power engineering industry in Belarus. We strongly hope it will pave way for our more active contributions to helping the country's energy industry become a more stable and diversified sector.”

According to Ruslan Sklepovich, member of the Board of Modus Group, Belarus develops the renewable energy sector very rapidly. “The size of the market of renewable energy sources and the attention the government pays to the matter make Belarus an attractive country for biogas companies. Modus Energy is one of the largest companies of this kind in the region. We are convinced that our extensive experience in this industry will result in the successful accomplishment of the project,” he stated.

Since the start of its operation in Belarus in 1992 the European Bank for Reconstruction and Development (EBRD) has invested nearly €2 billion in 95 projects in various branches of the national economy.

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