Bosnia and Herzegovina’s state-owned power company ERS has selected an eight-member consortium led by El Promet to build and finance the Hrgud wind farm. Its fully financed offer priced construction at EUR 81.9 million, excluding value-added tax, despite a lower construction bid from a rival. The financing covers the full investment, so ERS would not have to arrange part of the funding separately.
The consortium, headed by Banja Luka-based El Promet, also includes Lager, Ventum Gradnja, GP Gradip, Gradjevinski institut, Eko-Euro Tim, Vendom and Nasa Banka. Its proposed loan has a fixed annual interest rate of 7.79%, a 10-year repayment term and a three-year grace period. A 1.5% processing charge applies, with no additional fees for undrawn funds or credit insurance.
The competing consortium consists of China Shandong International Economic & Technical Cooperation Group and CEMJO Energy Construction Investment. It bid EUR 81.6 million for construction, excluding value-added tax, and proposed financing 80% of the investment. Its variable interest rate would be linked to six-month EURIBOR, creating a different financing and interest-rate risk profile from the selected offer.
Project scope and schedule
The Hrgud wind farm is planned for a plateau near Berkovici and includes 10 wind turbines, access roads, a substation and a transmission line. The project is expected to generate 160 GWh a year, with construction scheduled to last 24 months. An earlier design called for 16 turbines and a capacity of 48 MW.
Development stalled in 2023 after German financial support was withdrawn. ERS relaunched the project in December 2025.
The selection is subject to a mandatory 15-day notification period and any successful procurement challenge.
