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M366 million into contracts with Basotho businesses. According to LHDA Chief Executive
Tente Tente, the project demonstrates the commitment to economic growth and environmental sustainability, with initiatives supporting skills development, livelihoods, and environmental rehabilitation.
Serbia
EBRD and EU back modernisation of Vlasinske project The long-awaited reconstruction of Serbia’s Vlasinske hydropower system is set to begin in spring 2025, backed by the European Bank for Reconstruction and Development (EBRD) and the European Union (EU). The project aims to modernise one of the country’s oldest hydropower systems, which has been in operation for more than 70 years without significant upgrades. The Vlasinske system, consisting of four cascade plants, was built between 1946 and 1949 and has since played a crucial role in Serbia’s electricity generation. However, outdated infrastructure and increasing maintenance costs have necessitated a full- scale renovation. “The project has been a long time coming,” said Marko Filipović, an engineer at Serbia’s state-owned electric power company, EPS. “We managed to keep the plant in operation with just regular maintenance and overhauls. But this has become increasingly difficult, more costly and time-consuming. The company, therefore, realised that it would be more efficient to invest in complete reconstruction and new equipment.” The modernisation will be financed through a €67 million loan from the EBRD and a €15.4 million grant from the EU, secured under the Western Balkans Investment Framework. The investment will replace key components, including turbines, generators, and hydromechanical equipment, ensuring the plants can operate at full capacity with fewer repairs. “The Vlasinske system is a priority as the oldest plant of this type, but there are plans to modernise other plants as well,” said Jovan Ilić, head of the Maintenance and Subsequent Investments Unit at EPS. “The reconstruction of the Bistrica and Potpec hydropower plants are imminent, as well as that of Djerdap 2. Future reconstruction projects will include the remaining EPS hydropower plants: Uvac, Kokin Brod and Pirot.” Hydropower currently provides nearly 30% of Serbia’s electricity, but coal remains dominant, accounting for about 60% of production. With limited scope for expanding hydropower, Serbia has also begun investing in other renewable sources such as wind and solar, which currently make up less than 3% of the country’s energy mix.
Since 2020, the EBRD has supported Serbia’s 6 | March 2025 |
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efforts to scale up renewable energy through technical assistance funded by the Swiss State Secretariat for Economic Affairs (SECO). The country held its first renewable energy auction in 2023 and announced a second in November 2024, signalling a commitment to clean energy investment.
Brazil
Neoenergia sells Baixo Iguaçu stake to EDF and STOA Iberdrola’s Brazilian subsidiary, Neoenergia, has sold its 70% stake in the Baixo Iguaçu Hydroelectric Power Plant to French electricity company EDF and investment fund STOA. The transaction is valued at 1.43 billion Brazilian reals (approximately € 240 million), with the final price subject to standard adjustments. The Baixo Iguaçu plant, located in Paraná, has an installed capacity of 350 MW and 172 MWm of assured energy. It is managed by a consortium comprising Neoenergia and Copel (30%) and is situated on the Iguaçu River, between the municipalities of Capanema and Capitão Leônidas Marques. The facility has three generating units, supplying electricity to approximately one million people through clean and renewable energy production. Neoenergia‘s decision to sell aligns with Iberdrola’s asset rotation strategy, which focuses on optimising its portfolio, maintaining capital discipline, and simplifying its structure. The Baixo Iguaçu Hydroelectric Power Plant began commercial operations on April 10, 2019. Since then, it has played a key role in stabilising the National Interconnected System (SIN) and contributing to the growth of Brazil’s energy matrix. The plant, which required an investment of
more than €500 million, was designed to control the water flow of the Iguaçu Falls, one of the seven natural wonders of the world. It supplies sustainable energy to one million Brazilians and generates nearly 8% of the annual electricity demand of the State of Paraná.
Canada BC Hydro begins seismic upgrade at Ladore Dam BC Hydro has started work on a seismic upgrade at Ladore Dam near Campbell River, marking a key milestone in dam safety efforts on Vancouver Island. The project aims to ensure the dam can continue to function safely in the event of a major earthquake or flood. “The Ladore Spillway Seismic Upgrade
Project will allow us to maintain public safety and reliability post-earthquake,” said Adrian Dix, Minister of Energy and Climate Solutions. “This critical project will also benefit local fish and wildlife habitats, as well as downstream domestic water supply.” Ladore Dam, built in 1949, is one of
three hydroelectric dams on the Campbell River system, with John Hart Dam located
downstream and Strathcona Dam upstream. The upgrade includes replacing spillway gates and installing new equipment to ensure the spillway remains operational after a major earthquake, meeting modern reliability standards. “Vancouver Island is within the most seismically active zone in B.C.,” said Kermit Dahl, Mayor of Campbell River. “This critical work will not just improve seismic safety across the Campbell River system, the project will also create about 70 jobs per year until it’s completed in 2029.” BC Hydro has consulted with First Nations, government agencies, the community, and other stakeholders throughout the planning process. While there is no public access to Ladore Dam, the project is a key part of broader safety improvements in the region. “Public safety is our top priority. For many decades, we’ve been assessing earthquake hazards at our dams and related facilities, and upgrading them as required,” said Chris O’Riley, President and CEO of BC Hydro. “This project will improve the reliability of the spillway gate system at Ladore Dam, along with its power supply, control, and telecommunications.” The Ladore Spillway Seismic Upgrade
Project is one of three dam safety projects in the Campbell River system. Work on the John Hart Dam upgrade began in 2023 and is expected to be completed by 2030. The Strathcona Dam Water Discharge Upgrade Project is scheduled to begin in the fall of 2025.
Sweden
Fortum begins feasibility study for new pumped storage plants Fortum has launched a two-year feasibility study to explore the potential for new pumped hydro storage plants in Sweden. The study will assess the commercial, technological, environmental, and regulatory conditions for establishing new storage facilities. The study will focus on three areas in Sweden: Lekstjärnen, near Fortum’s existing hydropower plant in Trängslet, Dalarna County; and Bastvålen and Höljessjön in Värmland County. Fortum currently operates three pumped storage plants – Kymmen, Letten, and Eggsjön – across Sweden, with a total installed capacity of 89.5MW. The feasibility study will evaluate the potential for expanding pumped storage capacity. The study aligns with Fortum’s strategy to
provide reliable, clean energy and support the decarbonization of industries in the Nordic region. The company aims to contribute to the region’s energy transition and competitiveness. Fortum emphasizes the growing importance
of flexible energy solutions, such as pumped hydro storage, as the share of weather- dependent renewable energy increases. These systems play a critical role in balancing the energy grid and meeting rising electricity demand.
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