📋 Tender Overview
Location: Serbia
Project number: 54524
Business sector: Municipal and environmental infrastructure
Notice type: State
Environmental category: B
EBRD Finance Summary: EUR 90,000,000.00
Total Project Cost: EUR 104,700,000.00
Project Description
Provision of a sovereign loan of up to €90 million to the Republic of Serbia ("RoS"), represented by the Ministry of Finance ("MoF") for the benefit of Novosadska Toplana Novi Sad (the "Company" or "Novi Sad DHC"), the district heating company of Novi Sad, 100 per cent owned by the City of Novi Sad (the "City"). The Project will be implemented by the Company in coordination with the Ministry of Mining and Energy ("MoME") and the City.
The proceeds of the loan will be used to finance the construction of a large-scale solar-thermal plant in Novi Sad with 38,600 m2 of solar collector fields, a seasonal heat storage, heat pump and an eBoiler (the "Project"). The Project is part of the Green Cities Window 1 Framework ("GrCF2 W1 Framework") and is included the Green City Action Plan ("GCAP") being developed by the City. Through the GCAP, the City identified, and is currently prioritising, its most pressing environmental challenges with targeted investments and policy actions to address them.
The Project is envisaged to be co-financed with an investment grant to be provided by the European Union ("EU") through the Western Balkans Investment Framework ("WBIF").
Project Objectives
Contribute to an efficient, reliable and environmentally-friendly heat supply for households, public institutions and businesses in the city of Novi Sad through the provision of base heat energy capacity to the district heating ("DH") network of Novi Sad from solar thermal technology.
Support Serbia's efforts to decarbonise its district heating sector.
Transition Impact
ETI score: 70
The Project is in line with the GrCF2 W1 Framework, a strategic and multi-project approach framework targeting environmental issues in selected large cities in the Bank's countries of operation. The Transition Impact of the Project is focusing on two pillars:
(i) Green: The Project will support the national efforts to increase the share of renewable energy sources in the total production of heat by integrating solar-thermal and heat pump sources in the Novi Sad DH system (currently entirely based on natural gas). Additionally, it will help balance excess electricity generation from wind and PV solar by utilizing seasonal heat storage and power-to-heat technologies. These measures will facilitate the production of clean energy in the city's DH sector, contributing to Novi Sad's sustainable development, enhancing energy security and independence, and significantly reducing both natural gas consumption and CO2 emissions. The Project will also contribute to the decarbonization of the electricity sector by supporting higher penetration of renewable electricity sources.
(ii) Competitive: The Project wil
