- EBRD provides a revolving working capital facility of €25 million to ELES
- Slovenia’s state-owned transmission system operator to continue grid investments
- Financing to help ELES through challenges created by Russia’s invasion of Ukraine
The European Bank for Reconstruction and Development (EBRD) has provided a revolving working capital facility of €25 million to Slovenia’s national transmission system operator, ELES.
The funds will support ELES’s working capital needs after a period of high electricity prices in Europe resulting from Russia’s invasion of Ukraine. Part of the facility will be used to purchase electricity on the spot market and to cover other general corporate expenses. This financing will also facilitate ELES’ continued investment in the electricity grid to ensure adequate voltage conditions throughout the Slovenian energy system in line with the ENTSO-E criteria.
Grzegorz Zielinski, EBRD Director, Head of Energy for Europe, said: “We are delighted to support ELES with this working capital facility and looking forward to providing more financing for its grid capital expenditure, which is essential for renewable energy system development and the green energy transition in the country.”
ELES is the Slovenian state-owned transmission system operator, responsible for the development and operation of the national grid. It operates 2,900 km of high-voltage transmission lines and employs 550 staff. Slovenia’s grid is interconnected with the neighbouring countries of Croatia, Italy and Austria.
The company’s nine-year network development plan envisages new basic infrastructure (new interconnections, new lines and substations), as well as new smart-grid components for the integration of renewable sources, including modern battery storage.
The Slovenian government plans to achieve a total of 1 GW of solar photovoltaic (PV) generation by 2025. At the end of last year, its grid-connected solar capacity reached more than 700 MW, having added 250 MW in 2022. Work is also under way to speed up spatial planning and permits for wind-farm development.
The transaction is part of the EBRD’s Resilience and Livelihoods Framework, approved by the EBRD Board on 6 April 2022 to address the needs of countries affected by Russia’s invasion of Ukraine. Energy security is one of the framework’s priorities.
To date, the EBRD has invested €1.5 billion in 106 projects in Slovenia.