The Centre for Investigative Reporting (CIN) has compiled a map of foreign investments in the energy sector that have either not been realised or the implementation of which has been delayed for years.

Most of these investments were to be carried out under concessions awarded for periods of 30 years or more, yet work on the ground has either not started at all or remains at an early stage.

The map features 20 announced foreign investments worth at least BAM 10.6 billion. The data was updated in August 2026.

After years of inactivity, some investors abandoned their concessions, which were subsequently acquired by the Government of Republika Srpska through public enterprises, either by purchasing the concession rights or the companies holding them. According to data collected by CIN reporters, the Government has acquired at least four concession-holding companies for more than BAM 329 million. Of this, BAM 309 million was paid for two companies owned by Rašid Sardarov, while BAM 20 million went towards the acquisition of Bistrica. The amount paid for Hydro Power Group is not known.

These were companies that had previously been awarded concession agreements on the promise that they would invest more than BAM 1.5 billion in the construction of energy facilities.

The Government of Republika Srpska has lost two arbitration cases over the failure to meet contractual obligations or the unilateral termination of contracts, with the disputes costing at least BAM 125 million.

Concession agreements, annexes and arbitration awards have been kept out of the public domain, with only fragments of information available through official government reports and statements, as well as other related sources.

These investments were publicly presented as major projects that would facilitate the transition to cleaner energy, ensure long-term security of electricity supplies and create new jobs. The data was sourced from concession agreements and reports, commercial court records, official gazettes, audit reports and companies’ business reports.

The map contains information on the names of foreign investors and the state authorities with which they concluded agreements, as well as the sector and location of each investment, the dates on which the agreements were signed, and the announced and realised value of the investments. It also provides information on the current status of the projects and the reasons for their delay or failure to materialise. The map will be regularly updated.