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The Arda river nearby south-eastern Bulgarian town of Kardzhali. Photo by BGNES.
The Bulgarian National Electrical Company (NEK) and Austrian energy giant EVN stroke a deal Monday over the construction and exploitation of stalled Gorna Arda hydropower project in south-eastern Bulgaria.
The two companies signed a shareholder contract at the Bulgarian embassy in Vienna during the official visit of Bulgarian PM Boyko Borisov to Austria.
The project was stalled after Austria's Alpine Bau withdrew from the construction of Gorna Arda hydropower project in the middle of May, EVN the sole partner of majority owner NEK.
Austria's EVN, which holds a 67% stake in one of Bulgaria's three power distributors and serves clients in Southwestern Bulgaria, has assured that the shareholders overhaul will not delay the project and promised that it will press for speeding it up in a bid to secure green energy for its clients in the region.
At the beginning of September 2009, Bulgaria’s new government sealed a letter of approval for the construction of the hydro power project to wrap up of the sale of a 30,1% stake owned by Turkey's CCG, part of the Ceyhan conglomerate, to an Austrian consortium of EVN and Alpine Bau. The move was made after a trial in the International Court of Arbitration in which Ceylan Holding filed claims for EUR 75 M against the other member in the joint venture, NEK, was suspended for three months.
The Gorna Arda hydropower project is expected to cost around EUR 500 M, which should be paid by the consortium. It is planned to have an electricity production capacity of 160 MW.
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