NEC will participate in the construction of cascade „Gorna Arda“

The government established „Hydro power company Gudevitsa AD for an investor of Cascade Gorna Arda. The project envisages construction of three new Hydrohub – „Madan“, „Ardino and Sarnitsa“ in the upper section of the Arda river. Their total installed capacity will be 174,2 MW, and the expected average annual energy production E 440 GWh.

The deadline for implementation is between 5 and 8 years, said Energy Minister Traicho Traikov.
The construction of the facility will positively influence the development of the Rhodope mountains, where there is high unemployment. „In the first two years will be revealed about 700-900 jobs. At full deployment of the works on the three sites will be 2400-2700 people involved,“ said the Minister.
„We have our old estimates for the project under which it is worth 310 million euros. Expectations are that by the time construction of the cascade will cost around 500 million euros,“ reported Traicho Traykov
The Minister said that the joint stock company which will build the cascade, when entering the successor to NEC and defunct Turkish company Ceylan Holding „- CCG. Since the spring of this year there is an agreement between NEC, the Austrian Alpine Bau consortium and EVN, on the one hand, and between Austrians and CCG – other than to transfer the share of the Austrian consortium CCG. The share is around 30%. This provides shareholders in the company to NEC, EVN and Alpine Bau.
There is a claim in the Paris Court of Arbitration for 75 million of the CCG. From 25 May this year the action was discontinued for 4 months. The claim period expires on September 14, reminded the energy minister. „We try to be the maximum operational, not to be renewed in case the arbitral proceedings,“ said Trajkov.
The project implementation is in line with the country’s development of renewable energy sources (RES). By 2020 16% of final energy consumption should be from renewable energy sources.
The Council of Ministers today approved a letter of support for the realization of investment project. It is not a government guarantee, no further loaded state budget and no financial obligations to the state. The document will be signed by the Minister of Economy, Energy and Tourism. With the establishment will allow the final structure of Hydro power company Gudevitsa AD.

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