EVN Puts Gorna Arda Hydro Power Cascade on Hold
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Austrian Tie-in Eyes Bulgaria's Gorna Arda Hydropower Station
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The launch of the hydropower at Gorna Arda river was delayed after Turkey's Ceylan ran into financial troubles. File photo
An Austrian consortium between energy firm EVN and construction company Alpine Bau is interested in the long-delayed hydropower project at Gorna Arda river in Bulgaria, officials announced on Tuesday.
The tie-in has agreed to buy out the share of Turkey's Ceylan Holding in the join venture with the Bulgarian National Electricity Transmission Company (NEK) that was set to implement the key Gorna Arda project in Southern Bulgaria, Deputy Economy and Energy Minister Valentin Ivanov said. Negotiations are expected to be wrapped up by the end of the month.
The acquisition will be conditional on Ceylan Holding's withdrawal of a claim for EUR 75 M that it filed with the International Court of Arbitration against NEK. It is still to be seen how much the Turkish company will ask in damages for withdrawing its claim.
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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