Bosnian utility Elektroprivreda has secured a $46.4m loan for the development of two hydroelectric projects in the country.

The loan was granted by European Bank for Reconstruction and Development (EBRD) with $34m to be employed for the construction of the 20MW Vranduk facility.

Remainder of the funding will be utilized for the expansion of the 9.4MW Una Kostela hydropower plant; the expansion will increase the plant’s capacity to 14.6MW.

The loan approval from EBR follows a call for expression of interest by the company to contractors and suppliers looking to fund the two projects, reported Hydroworld.

Elektroprivreda added that the company is keen to accelerate the construction Vranduk plant with completion set to be achieved in the next four years.