Funds for growth The International Finance Corporation (IFC) has announced it is lending some €106 million to Serbia’s leading tissue paper maker Drenik.
“A new IFC investment will support a leading industrial player in Serbia in developing the country's first large-scale captive combined heat and power (CHP) biomass plant – boosting renewable energy generation and helping to reduce greenhouse gas (GHG) emissions in Belgrade, a city with air quality challenges,” the institution said in a statement.
Under the plan, the “investment will support Drenik in developing a CHP biomass plant with about 8 megawatts of electricity generation capacity and 16 tons per hour steam capacity, thereby replacing grid electricity usage, reducing natural gas consumption in its Serbian production facility and providing liquidity to operations,” according to the statement.
The IFC is part of the World Bank group.