Turkey CCG Sells Stake in Bulgaria Hydro Project

Business » ENERGY | April 15, 2009, Wednesday // 18:33
Bulgaria: Turkey CCG Sells Stake in Bulgaria Hydro Project The launch of the hydropower at Gorna Arda river was delayed after Turkey's Ceylan ran into financial troubles. File photo

Turkey's CCG, part of the Ceylan conglomerate, has wrapped up talks for the sale of its 30.1% stake in the joint venture set up to implement the long-delayed hydropower project at Gorna Arda river in Bulgaria, a government official said.

The news was broken by Bulgaria's Economy and Energy Minister Petar Dimitrov, who declined to disclose the name of the buyer. Reports say an Austrian consortium between energy firm EVN and construction company Alpine Bau is interested in the key project.

Ceylan Holding has also withdrawn its claim for EUR 75 M in damages that it filed with the International Court of Arbitration against the other member in the joint venture - Bulgaria's National Electricity Transmission Company NEK.

The Turkish company was contracted to implement the project under an electricity-for-infrastructure swap deal Bulgaria and Turkey signed in 1998. The launch of the hydropower construction was delayed after the Turkish company ran into financial troubles.

The Gorna Arda hydropower project is expected to cost around EUR 600 M, which should be paid by the consortium.

 

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