Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

North Macedonia

Geographic location where the impacts of the investment may be experienced.

Specific Location

Skopje

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 2, 2026

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Elektrani na Severna Makedonija AD Skopje

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Infrastructure

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 40.94 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 36
Converted using 2026-09-28 exchange rate.

Loan Amount (USD)

$ 40.94 million

Project Cost (USD)

$ 44.23 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 3, 2026

Disclosed by Bank Sep 28, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of the provision of a sovereign-guaranteed loan of up to EUR36 million to Elektrani na Severna Makedonija AD Skopje ("ESM" or the "Borrower") to finance the modernisation and reconstruction of Skopje's district heating network and the energy efficiency renovation of ESM's Head Office building (the "Project"). The Project is expected to be co-financed with a EUR2.9 million investment grant from the EU Regional Energy Efficiency Programme for the Western Balkans ("REEP").

The Project will support the decarbonisation of Skopje's DH system, enhance ESM's operational performance and security of energy supply, as well as deliver energy and water savings. The Project is in line with the priorities set out in the Skopje Green City Action Plan ("GCAP") and will serve as a follow-on investment to the Skopje GCAP.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's website, Elektrani na Severna Makedonija's capacities provide around 90 % from the entire domestic production. The company produces average annual up to 5000 GWh electricity from the thermo power plants which are with installed capacity of 824 MW, while from the hydro power plants, which are with installed capacity of 556.8 MW, it produces 1200 GWh average annual electricity. From the wind park, with installed capacity of 36.8 MW, we produce more than 100 GWh average annual electricity. Part of the ESM system is the cogeneration gas power plant KOGEL which consists of 10 gas engines with a total electric power of about 30 MW, which can emit thermal power of about 26 MW. From April 2022, the first photovoltaic power plant FE Oslomej 1 started operating, with an installed capacity of 10 MW. FE Oslomej 1 is the first solar power plant in Southeast Europe built on an old mine.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	JSC Elektrani na Severna Makedonija (JSC Power Plants of North Macedonia)	Client	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Elektrani na Severna Makedonija AD Skopje:

Aleksandar Stefanovski
Email: alaleksandar.stefanovski@elem.com.mk
Phone: +389 23 149206
Website: www.esm.com.mk
Address: 11. October 9, 1000 Skopje Republic of North

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html