The Centre for Investigative Reporting (CIN) has compiled a map of foreign investments in the energy sector that have either not been realised or whose implementation has been delayed for years. Most of these projects were announced as concessions granted for a period of 30 years, with some later extended by an additional 15 years, yet construction work on the ground has never begun. On average, the delays amount to 14.5 years.
The map includes 15 announced foreign investments with a combined value of at least 8.3 billion convertible marks.
After years of inactivity, some investors withdrew from their concessions, while their concession rights, or the concession-holding companies themselves, were bought out by the Government of Republika Srpska through public enterprises. According to data collected by CIN reporters, the Government has bought out at least three concession rights, paying a minimum of 88 million BAM. In early 2026, the Government is negotiating the buyout of a further three concession-holding companies that had announced investments totalling 1.5 billion BAM.
Due to the failure to meet contractual obligations or unilateral termination of contracts, the Government of Republika Srpska has lost two arbitration disputes before international commercial courts, with claims worth at least 125 million BAM.
Concession agreements, annexes, and arbitration rulings are withheld from the public, with only partial information available through official government reports and statements, as well as from related sources.
These are projects that were publicly presented as major developments intended to enable a transition to cleaner energy, ensure long-term stability in electricity supply, and create new jobs.
CIN reporters sourced the data from concession agreements, concession reports, commercial courts, official gazettes, audit reports, and company business reports.
The map contains information on the names of foreign investor business entities, the state authorities with which contracts were concluded, the sector and location of the investment, the dates on which the agreements were signed, as well as the announced and realised values of the investments. Information is also available on the current status of the projects and the reasons for their delay or failure to materialise. The map will be regularly updated.
