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United Nations Development Programme

Market and Policy Outlook for Renewable Energy in Europe and the CIS
ISBN 978-92-95092-87-7 (PDF)
ISBN 978-92-95092-85-3 (print)
UNDP 2014


Please note that the following sentences and tables have been corrected (corrections in red):

Page 8, Footnote 2:
For the purpose of this report, the ECIS region consists of: Russian Federation, Ukraine, Moldova,
Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan,
Turkey, Albania, Serbia, Former Yugoslav Republic of Macedonia, Montenegro, Bosnia and Herzegovina,
Croatia, Slovenia, Slovakia, Czech Republic, Poland, Hungary, Latvia, Lithuania, Estonia, Romania,
Bulgaria and Kosovo (hereafter referred to in the context of UN Security Council Resolution 1244

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Ukraine is the only country outside the EU apart from Turkey with a capacity of above 500 MW in RE
installations, mainly due to significant investment in wind energy and solar power. In 2012, Kosovos
installed renewable capacity was 12.19 MW whereas Montenegro, Turkmenistan, Azerbaijan and
Moldova had less than 10 MW installed RE capacity. To increase comparability of RE instalments
between countries, the relative RE share of the total installed electricity capacity should be used. Figure
5 shows that Azerbaijan and Russia have the lowest share of RE deployment compared to total installed
capacity. Russias ranking fell from a middle position in absolute RE installation to the second last rank
with just 0.1 percent RE in total electricity generation capacity. In Kosovo the share of renewable energy
to its total electricity capacity is 0.8 percent.

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The figure demonstrates that solar potential is especially high in central Asia, Caucasus and southern
Europe, whereas northern Europe, for example the Baltic countries, appears to have less potential. In
Kosovo an ideally deployed solar power plant of one square meter faces between 1,550 and 1650 kW-h
solar radiation per year (Kammen et al., 2012). After Bosnia and Herzegovina this is the highest in

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Grants are generally available in only ten countries in the region: Kyrgyzstan, Moldova, Estonia,
Romania, Bulgaria, Czech Republic, Slovakia, Hungary, Slovenia and Kosovo.

Page 26, Footnote 18:
Please note that this figure has only limited comparability. The levels of respective FiTs reflect the
highest possible amount that can be received for the specific RE technology. Each country has various
differences in the conceptual design of FiTs, for example different amounts for different plant sizes.
Please also note, also Kosovo offers feed-in tariffs for selected renewable technologies. If eligible to
receive the tariff, small hydropower plants receive 63.3 per MW-h, wind power plants 85 per MW-h
and biomass power plants 71.3 per MW-h produced electricity.

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Together with the EU member states covered in this report, energy community (EC) contracting parties
Albania, Bosnia and Herzegovina, Croatia, Former Yugoslav Republic of Macedonia, Moldova,
Montenegro, Serbia Ukraine, and Kosovo, agreed on the implementation of EU Directive 2009/28/EC
and committed to a binding share of RES in gross energy consumption by 2020 (EC,2012). In accordance
with this directive, Kosovo developed a National Renewable Energy Action Plan defining a mandatory
target of 25% share of renewable energy sources in gross final energy consumption by 2020. Voluntarily
Kosovo aims to reach 29.47 percent by 2020 (Kosovo, 2013).

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Yet Ukraine climbed an impressive 145 places in 2013 to 45
position in 2014 (IFC & World Bank, 2014).
Montenegro also rose by 69 places and Kosovo by 16 ranks over the same period.

Page 44, Table 3:

Table 3: Country Risk Indicator by Country
Country Ranking
Kosovo 7
Source: OECDa (2013)

Page 59
Kammen, D.M, Mozafari, M., and D. Prull, 2012: Sustainable Energy Options for Kosovo An analysis of
resource availability and cost. Energy and Resources Group, University of California, Berkeley. Available

Page 61

Kosovo, 2013: National Renewable Energy Action Plan (NREAP) 2011 2020. Available at:

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Table 8: Implemented Renewable Energy Related Policies
Policy De-risking
Financial De-risking
Direct Financial Incentives
Country Renewable
Grants Quota TREC FiT FiP Tender
Grid Access
Kosovo X X X X X X

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Table 9: World Bank Indicators
Ease of Doing
Business 2014
Ease of Doing
Business 2013
Starting a

Dealing with
Lending Interest
Rate (%)

Risk Premium (%)
Kosovo 86 96 100 136 28 12.9 -

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Table 10: Opportunities to Finance Renewable Energy Projects in the Region
Institution Countries
Terms of Financing
National Financing Institutions and Funds (including EBRDs Sustainable Energy Financing Facilities)
WeBSEDFF Albania, Serbia,
Croatia, Bosnia and
Montenegro, Former
Yugoslav Republic of
Macedonia, Kosovo
Locally SMEs with a sound financial and economic structure
and sufficient means of equity capital can apply to Western
Balkan Sustainable Energy Direct Financing facility for direct
loans of between 2 million and 6 million.
Kosovo Sustainable Energy
Framework (KoSEP)
Kosovo Legal entities operating in Kosovo and which are at least 51
percent privately owned can apply for a loan of up to 2.5
million if the pay-back period is below 15 years and project
capacity below 50 MW. Following technologies are eligible:
Small hydropower, wind, geothermal, biomass, biogas, solar
PV, solar thermal and geothermal power. Grants of up to 15
per cent of the loan amount can be obtained after the loan
has been disbursed and the project has been successfully
Regional Operating Financing Institutions
Green Growth Fund Albania, Armenia,
Azerbaijan, Serbia,
Croatia, Bosnia and
Montenegro, Former
Yugoslav Republic of
Macedonia, Turkey,
Moldova, Ukraine,
Georgia, Kosovo
Provides direct and indirect (through financial intermediaries)
financing for small scale renewable energy projects usually
not larger than 50 million.