Novi Sad Solar - Thermal Plant

signed

Provision of a  tranched sovereign loan in the amount of up to €105 million to the Republic of Serbia ("RoS"), represented by the Ministry of Finance ("MoF") for the benefit of Novosadska Toplana Novi Sad (the "Company" or "Novi Sad DHC"), the district heating company of Novi Sad, 100 per cent owned by the City of Novi Sad (the "City"). The proceeds of the loan will be used to finance the construction of a large-scale solar-thermal plant in Novi Sad with 38,600 m2 of solar collector fields, a seasonal heat storage, heat pump and an eBoiler (the "Project"). The Project is part of the Green Cities Window 3 Framework ("GrCF3 W2 Framework") and is included in the Green City Action Plan ("GCAP") being developed by the City. Through the GCAP, the City identified and prioritised its most pressing environmental challenges with targeted investments and policy actions to address them. The Project will be implemented by the Company in coordination with the Ministry of Mining and Energy ("MoME") and the City. The Project is expected to be co-financed with an investment grant to be provided by the European Union ("EU") through the Western Balkans Investment Framework ("WBIF").