Bosnia and Herzegovina’s state-owned power company ERS selected an eight-member consortium led by El Promet to build and finance the Hrgud wind farm under a fully financed offer priced at 81.9 million euros, excluding value-added tax. ERS chose it despite a competing construction offer of 81.6 million euros. The winning financing covers the full investment, so ERS would not need to procure part of the funding separately.
The consortium is headed by El Promet of Banja Luka and also includes Lager, Ventum Gradnja, GP Gradip, Gradjevinski institut, Eko-Euro Tim, Vendom and Nasa Banka. Its proposed loan has a fixed annual interest rate of 7.79%, a 10-year repayment period and a three-year grace period. It carries a 1.5% processing charge, with no additional charges on undrawn funds or credit insurance.
The competing group comprises China Shandong International Economic & Technical Cooperation Group and CEMJO Energy Construction Investment. Its construction offer was 81.6 million euros, excluding value-added tax, while its financial proposal covered 80% of the investment. The proposed rate was variable and linked to six-month EURIBOR, giving ERS a different financing and interest-rate risk profile. The comparison makes financing coverage a key distinction between the offers, despite the rival’s lower construction price.
Planned on a plateau near Berkovici, the Hrgud project includes 10 wind turbines, access roads, a substation and a transmission line. It is estimated to generate 160 GWh annually, with construction scheduled to take 24 months. An earlier design envisaged 16 turbines and a capacity of 48 MW.
Development stalled in 2023 after German financial support was withdrawn. ERS relaunched the project in December 2025. The selection is subject to a mandatory 15-day notification period and any successful procurement challenge.
