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Statkraft enters jont venture in Albania

Statkraft AS, the Norwegian based European leader in renewable energy and the Austrian based leading utility company EVN have announced a Joint Venture in regard of the Devoll river concession in Albania.

Both companies will hold 50% in the joint venture company and will build on their experience in the region and use their combined knowledge in the planning, construction and operation of this challenging hydropower project.
 
Through signing the concession agreement with the Albanian government in Tirana, EVN AG and Statkraft were awarded the right to develop the hydropower project on the Devoll river in Albania. The joint venture company will plan and construct three peak-load hydropower storage plants with a total capacity of approximately 340 MW and an average production of approximately 1.000 GWh. The overall investment will amount up to EUR 950m and the plans should be realized in a time frame of roughly eight years.

Burkhard Hofer, CEO of EVN AG, comments on the joint venture agreement:
"We highly appreciate the possibility to realize this outstanding hydro power project with a partner like Statkraft, whose specific experience in regard of hydropower plants gives us great confidence that we can successfully realize the challenging plans in Albania". 
 
Ragnvald Naero, Executive Vice President of Statkraft AS comments:
“This signing ceremony marks an important milestone in the Devoll Hydropower Project. A concession agreement has been concluded on a project that can increase the hydro power production in Albania with 20 %, create jobs, stimulate economic development and deliver pure energy to Albania. Statkraft is proud to be a part of this project. We have a great partner in EVN and believe in the continuing successful cooperation with the Albanian government.”
 
The planning of the current Devoll project started more than two years ago. Following the application of EVN for an unsolicited proposal, the Albanian government launched an international tender procedure. EVN was selected the winning bidder in January 2008. 

The direct foreign investment in the project will boost the Albanian economy, create new jobs and increase the security of energy supply. The Devoll river HPP project is currently one of the largest hydropower projects in Europe.

(NRK/Press release)

Rolleiv Solholm


Written by Rolleiv Solholm

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