There are no guarantees that Italy’s Enel Power will participate in Gorna Arda project, Ismet Sever, Executive Director of Gorna Arda Hydro Power Company said. He said it is still not clear what term of the concession and what electricity price will be offered by Enel Power. The statement was prompted by Turkey’s Ceylan declaration that it does not intend to withdraw from the project. He specified that so far Enel has made no offers before Gorna Arda Board of Directors, which can be discussed. In case Enel decides not to be an investor in the project, a new investor will be sought by the two shareholders in the company – Ceylan Holding and the National Electricity Transmission Company. At the shareholders’ general meeting April 18 it was decided that proposals for speeding up the project are to be prepared till June 15. The issue of including a strategic investor will be among them. Last week Italy’s Enel Power urged the withdrawal of Ceylan Holding from the Gorna Arda project to be able to carry further the construction of the Hydropower station. Two months ago Enel and Bulgaria’s state National Electricity Transmission company (NEC) signed a financial memorandum for a feasibility study of the Gorna Arda project, which will be completed till May. The government has asked Turkey’s Ceylan Holding to sell its shares in the joint venture with Bulgaria’s state NEC at 8 percent above their face value to overcome a deadlock in the construction. Ceylan Holding was said to have offered a price that was unacceptable for the Bulgarian side at the shareholders meeting. The venture was set up in 1998 for the construction of a major hydropower project in Southern Bulgaria. The Turkish company controls 30,9 percent stake in the joint venture, the remainder is owned by NEC.