Proposed recapitalisation and shareholder vote
Hidroelektrane na Drini, part of Bosnia and Herzegovina’s Serb power utility ERS, is preparing another recapitalisation of the project company HE Bistrica. The latest proposal would convert around €11 million of short-term loans into permanent capital. Shareholders are expected to consider the measure at an extraordinary meeting, alongside amendments to the company’s founding documents.
Recent injections and prior funding rounds
The planned move follows a €7 million capital injection completed at the end of February. Earlier increases included around €2 million in 2020, €21 million in 2022, and €11 million in 2023. Together, the series of injections reflects ongoing financing needs tied to the project’s construction phase.
Contract support and updated investment valuation
The funding is intended to support implementation of the Bistrica hydropower construction contract with China’s AVIC. The overall investment is now valued at around €170 million excluding VAT. This is above earlier construction estimates of roughly €102 million.
Financing structure and ownership changes
Previous financing plans envisaged about €75 million from China’s Export-Import Bank, with ERS providing the remainder. ERS sold HE Bistrica to Kaldera in 2008 for around €3.5 million. It later bought the project back in 2019 for almost €11 million.
