The construction of the Gorna Arda hydropower cascade could be launched in 2 years

''The construction of the Gorna Arda hydropower cascade (HPC) is expected to be launched in 2014,'' said yesterday the CEO of NEK (National Electric Company), Mihail Andonov. According to him, the final decision on how many dams will be constructed, as well as the decision on whether the cascade might operate as a Pumped Storage Hydroelectric Plant (PSPS) must be taken next month. Over the next two years, however, an Environmental Impact Assessment of the dam is expected. Currently, NEK owns 30% of the Gorna Arda Gorna Arda HPC, while the remaining 70% of the plant were bought by the Austrian company EVN. It purchased the stock of Turkish conglomerate Ceylan Holding and, after the increase in the share capital, it became the majority shareholder in the project. Last year, the Austrian company stated that it expected the cascade to reach the operational capacity of 170 MW and its construction cost to stand at about €400 mln.

Within a few weeks, NEK and BNP Paribas are expected to sign an agreement for "improving the financial parameters of the loan" borrowed for the construction of the NPP Belene, added Andonov. If this does not happen, the public utility company must start repaying the loan of €250 mln as of May next year. In view of the implementation of the NPP Belene project, the Bulgarian Energy Holding expects to receive a market survey carried out by the consultant - HSBC, explained yesterday Deputy Minister of Economy, Energy and Tourism, Delian Dobrev. According to him, the document must be submitted by the end of January.

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