The Ivovik wind farm project, located in the Livno municipality of Bosnia and Herzegovina, has faced some financial challenges but is progressing toward completion. The project company, Ivovik, reported a negative equity of approximately 1.9 million euros at the end of last year. To address this, in November 2024, the company decided to raise around 25 million euros in a recapitalization effort, bringing its total capital to 24 million euros.
The capital structure of the wind farm is divided between two major stakeholders: the Chinese company CNTIC Capital Co., which holds a 39% share, and Luxembourg-based Ivovik Wind Power, which owns the remaining 61%. This investment is part of China’s Belt and Road Initiative, with an overall project value exceeding 130 million euros. The wind farm is expected to generate about 259 GWh of electricity annually, which is around a quarter of Bosnia and Herzegovina’s total electricity production in June 2024.
The wind farm was originally planned to begin operations in 2023 but has faced delays. However, in September 2024, VE Ivovik received approval for network connection from Elektroprijenos BiH and secured other necessary permits for testing and trial operations. The company has not yet applied for international electricity sales and plans to sell its power on the domestic market. The construction of the wind farm officially began in December 2021.
