by Staff Writers
Zagreb (AFP) Nov 25, 2011
The European Bank for Reconstruction and Development (EBRD) granted Croatia on Friday a 123.2 million euro ($163 million) loan for the construction of a hydro-electric plant.
The syndicated loan of up to 123.2 million euros was granted to the state-run electricity comapny HEP to finance the construction of the Ombla hydro plant near the southern Adriatic town of Dubrovnik, the EBRD said in a statement.
The construction of the country's first underground hydropwer plant, with a capacity of 68 MW, "will help Croatia to improve its energy security and also diversify its energy supplies" as well as to increase the supply of potable water to Dubrovnik, it said.
The financing includes the 80 million euros portion for the EBRD and the remaining 43.2 million to be syndicated to commercial banks.
Local environmental groups have repeatedly protested against construction of the facility, warning on high risks for the environment.
The EBRD said it has "acknowledged the environmental challenges that were raised" as well as other issues voiced by the non-governmental organisations.
"The proceeds of the EBRD loan for the construction works will not be disbursed until a satisfactory (biodiversity) study and biodiversity management plan is agreed with HEP," the statement said.
Croatia imports some 20 percent of electricity.
So far the EBRD has invested more than 2.5 billion euros in various sectors in the Croatian economy.
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At least 141 workers fired at site for Brazil's Amazon dam
Brasilia (AFP) Nov 18, 2011
At least 141 workers have been fired at the construction site for Brazil's controversial Belo Monte hydroelectric dam in the heart of the Amazon following a dispute over working conditions, one of them said Friday. Jose Antonio Cardoso, a representative for the workers, said the consortium in charge of the $11 billion project had promised to help resolve the dispute but instead announced tha ... read more
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