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Norway's Statkraft eyes EUR 100mn investments in Albania.

February 2, 2014

Norway's Statkraft plant to invest some EUR 100mn in 2014 into a project for the constriction of hydropower cascade on the Devoll River in southeastern Albania , the company informed in a statement. The total cost of the project is estimated at EUR 535mn and envisages the construction of two hydropower plants part of the hydropower cascade. The plants Banje and Moglice will have a combined capacity of 243 MW and will generate an annual average of 700 GWh of energy. The plants are expected to be completed in 2016 and 2018, respectively. The investment also includes building of two high voltage substations of 220 kV and 110 kV in addition to many access roads. Statkraft currently employs 575 workers at the project. Statkraft's project envisages the construction of a third power plant Kokel, but the investment decision for its implementation will be considered when the first two plants are completed. On average, the three power plants will produce about 800 GWh annually, increasing the Albanian electricity production by almost 20%. The project company, Devoll Hydropower, was set up as a joint venture between Austria's energy group EVN and Statkraft after the two companies won the concession to build the three hydropower plants on the Devoll River . In March 2013 EVN sold its 50% stake in the Albanian company to Statkraft.

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Source: IntelliNews - Weekly Reports

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