Completed Mixed AidData Chinese Aid

Siyuan Investment Co., Ltd. provides loan for 84MW Ivovik Wind Farm Project

¥99.75M RMB

Funder	Siyuan Investment Co. Ltd.
Recipient Organization	VE Ivovik D.o.o. Sarajevo
Country	Bosnia and Herzegovina
Start Date	Aug 02, 2022
End Date	Jun 08, 2031
Duration	3,232 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`102647`

Grant Description

Siyuan Investment Co., Ltd. provides loan for 84MW Ivovik Wind Farm Project On August 2, 2022, Siyuan Investment Co., Ltd. and VE Ivovik D.o.o.

Sarajevo — a special purpose vehicle and joint venture of Sinohydro (Hong Kong) Holding Limited (51% ownership stake), CNTIC Capital (39% ownership stake), and Ekrem Nanic (10% ownership stake) — signed a Sinosure-backed loan agreement for the 84MW Ivovik Wind Farm Project.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

The borrower is expected to use the proceeds of the loan to partially finance a commercial contract between the Government of Bosnia and Herzegovina and CNTIC and PowerChina, which was signed on December 16, 2021. Then, on September 15, 2022, Sinohydro (Hong Kong) Holding Ltd. sold its 51% ownership stake in VE Ivovik D.o.o.

Sarajevo to Luxembourg-based Ivovik (Luxembourg) Wind Power S.à rl. Financial close was achieved on October 26, 2022.

The purpose of the project was to establish an 84MW wind power farm — with twenty GW136-4.2MW wind turbines — at Livno and Tomislavgrad. A formal groundbreaking ceremony took place on December 16, 2021. However, construction did not commence until July 2022. The 800-ton main hoisting equipment for the Ivovik wind farm was shipped from the Port of Shanghai on August 15, 2022.

The first wind turbine was installed on October 27, 2022. Then, on December 30, 2022, a grid connection agreement was signed. All 20 turbines were installed as of September 11, 2023.

The Ivovik Wind Farm was officially connected to the national grid on October 17, 2024, marking the beginning of full production operations.

With an estimated annual generation capacity of 259 GWh, it is the largest wind farm in Bosnia and Herzegovina and is expected to save 240,000 tons of coal per year. The project was originally expected to reach completion within 18 months (December 2023). There has been some controversy surrounding the 84MW Ivovik Wind Farm Project.

The main concern involves a dispute over land ownership, with the government of the canton -- the administrative units that make up roughly half of Bosnia -- granting land to Chinese companies under questionable and possibly illegal circumstances.

📋 Staff Comments

The Chinese project title is 波黑伊沃维克风电项目 or 波黑伊沃维克（Ivovik）84MW.
Sinohydro (Hong Kong) Holding Ltd. is a unit of China's Powerchina Resources.
The precise face value of the loan is unknown. However, given that the EUR 133 million Ivovik Wind Farm Project Project is being implemented and financed as as independent power project (IPP) and IPPs are often financed according to a 75:25 debt-to-equity ratio, AidData assumes for the time being that the face value of the loan is worth approximately 75% of EUR 133 million (EUR 99.75 million).
On March 29, 2022, Sinosure opened a domestic guarantee with DBS Bank Hong Kong Branch to support China National Technology Import and Export Group Co., Ltd.'s investment into the Ivovik Wind Farm Project. This is the first guaranteed green loan of SINSOURE, which means that the loan agreement of this project is subject to the Green Loan Principles jointly issued by the Loan Market Association and the Asia-Pacific Loan Market Association in February 2021.
Siyuan Investment Co.,Ltd. was established in 2019 and given responsibility for the management of two medium-and long-term investment funds: China-Africa Fund (CAFIC) for Industrial Cooperation and China-LAC Industrial Cooperation Investment Fund (CLAI Fund). CAFIC is jointly funded by China’s foreign exchange reserves and the Export-Import Bank of China, with the aim of supporting projects that could promote China-Africa cooperation, improving the wellbeing of African people and facilitating Chinese and African economic development. Since its establishment, CAFIC has actively invested in projects of different sectors and explored new ways to expand industrial cooperation between China and Africa, giving financial support to a group of exemplary projects in areas such as resources and energy, manufacturing and communications equipment. CLAI Fund is jointly funded by China’s foreign exchange reserves and China Development Bank. CLAI Fund targets the Latin America and the Caribbean region, aiming to support China’s competitive industries to meet the demand of LAC countries and enhance China-LAC capacity and equipment manufacturing cooperation. The fund has invested in projects in areas such as clean energy, infrastructure and mining.

📚 Sources & References

Powerchina Resources to sell majority stake in Bosnia's Ivovik wind farm - local govt
波黑伊沃维克风电项目贷款协议正式签署
中国电建波黑伊沃维克风电项目举行签约暨开工仪式
波黑伊沃维克风电项目贷款协议正式签署
Bosnia and Herzegovina Ivovik Wind Power Project Loan Agreement Signed
Documents in the Outcome List of China-CEEC Summit (88 Items)
The signing and commencement ceremony of Ivovik Wind Farm Project in Bosnia and Herzegovina was successfully held
Branches & Subsidiaries
The first wind turbine of Ivovik wind farm project was successfully lifted
Work progresses on Chinese-built wind farm in BiH
VUKADINU SE ŽURI: Koncesija za VE Ivovik, 15 dana uoči izbora, sa Kineza “prebačena” na tvrtku iz Luksemburga. Naravno, nezakonito!
Tvrtka iz Luksemburga postala većinski vlasnik vjetroelektrane u Livnu
ZAKLJUČAK O DAVANJU PRETHODNE SAGLASNOSTI U POSTUPKU IZDAVANJA ENERGETSKE DOZVOLE PRIVREDNOM DRUŠTVU VE IVOVIK D.O.O. SARAJEVO
Visit to the construction site of the wind farm Ivovik
RJEŠENJE DRUŠTVU „VE IVOVIK“ D.O.O. O ULASKU U POSJED NEKRETNINA NEPOTPUNO IZVLAŠTENIH RADI IZGRADNJE VE IVOVIK I IZGRADNJE PRISTUPNIH PUTOVA.
VE IVOVIK's first batch of wind turbines arrive on site
First turbine of IVOVIK Wind Farm project installed
FIPA awards VE Ivovik with recognition for most significant foreign investor in BiH 2022
VE Ivovik and Elektroprijenos BiH signed 'Connection Agreement'
Company
IVOVIK wind power project achieves financial closure
波黑伊沃维克风电项目贷款协议正式签署
一带一路工程：波黑伊沃维克风电项目贷款协议正式签署
电建海投在波黑投资的首个风电项目实现融资关闭
Siyuan Investment
Electric Power Sector
The first wind turbine of Ivovik wind farm project was successfully lifted
Novi većinski vlasnik VE Ivovik
Postavljaju se prvi stupovi najveće vjetroelektrane u BiH kod Livna
Vlada HBŽ utvrdila nacrt Zakona o uvjetima i postupku legaliziranja bespravno izgrađenih građevina
Our Mission
Partners
向世界讲好通用技术故事！集团波黑风电项目入选2023年中国企业国际形象建设优秀案例
电建海投在波黑投资的首个风电项目实现融资关闭
DBS Hong Kong and CNTIC HK Strengthen Sustainability Commitment via Wind Power Project in Bosnia and Herzegovina
Ivovik achieves another milestone: All 20 turbines installed
On Dec 16
Genertec CNTIC representatives and 🇧🇦 officials witnessed the groundbreaking ceremony of VE IVOVIK d.o.o Sarajevo Project
Goldwind Wins 84MW Order In Bosnia And Herzegovina
Contract signing and groundbreaking ceremony held for Ivovik wind farm in Bosnia and Herzegovina
Genertec CNTIC ships main hoisting equipment to Bosnia and Herzegovina for Ivovik wind power project
Groundbreaking ceremony held for the booster station of Genertec CNTIC Ivovik wind power project in Bosnia and Herzegovina
Genertec Achieves Fruitful Results along the Belt and Road
驻波黑大使季平考察伊沃维克风电项目
驻波黑大使季平赴伊沃维克风电投资项目现场考察调研
驻波黑大使季平出席波黑外国投资促进局“2022年最重要投资者”颁奖典礼
驻波黑大使季平在波黑联邦通讯社发表署名文章《走绿色发展道路，积极参与全球气候治理》
驻波黑大使季平在波黑联邦通讯社发表署名文章《走绿色发展道路，积极参与全球气候治理》
FIPA负责人马尔科维奇一行参观伊沃维克风电站建设工地
中企获波黑“2022年度最佳外国投资者”奖 - 中国一带一路网
探访中企在波黑第一个风电项目 - 中国一带一路网
通讯：韶华岁月献给中欧合作事业——欧洲“一带一路”上中国青年建设者掠影 - 中国一带一路网
中国信保首次承保绿色贷款担保项目 - 中国一带一路网
BiH names Chinese company Best Foreign Investor in 2022
中东欧“一带一路”项目不断取得进展 - 中国一带一路网
波黑风电发展情况
国际工程观察 - 2022年第二十三期（总第一百七十七期）
波黑伊沃维克风电项目启动地质详勘工作--中国水力发电工程学会
中企海外项目周报（2022.12.24-2022.12.30） - 中国一带一路网, “一带一路”十年成绩斐然　中国工程机械产业擎动沿线经济走出去公共服务平台
中国电力建设股份有限公司 2022 年半年度报告, “一带一路”上的“工地明星”
Power Construction Corporation of China Ltd. - Ivovik Wind Power Farm receives top local honor
Work progresses on Chinese-built wind farm in BiH
XCMG Construction Machinery Co. Ltd. - New model of 'the Belt and Road' cooperation: XCMG's world's large...
Power plant profile: Ivovik Wind Farm
Bosnia and Herzegovina
Chinese Wind Farms In Bosnia Spotlight Clash Of Interests
Corruption In The Heart Of The Balkans
PowerChina Resources sells its majority stake in Ivovik wind power project
Chinese companies building biggest wind park in Bosnia
驻波黑大使季平赴伊沃维克风电投资项目现场考察调研
丝路上的丰台力量
中资企业在波黑投资的首个能源项目并网发电
Bosnia and Herzegovina: Chinese-owned Ivovik wind farm project faces land disputes and allegations of opaque deals
Bosnia and Herzegovina: Ivovik wind farm project moves forward amid financial recapitalization
Serbia-energy.eu: Bosnia and Herzegovina Ivovik wind farm enters final phase Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.