EFT Group Eyes Bulgaria's Gorna Arda

The launch of the hydropower at Gorna Arda river was delayed after Turkey's Ceylan ran into financial troubles. File photo

EFT Group is ready and willing to run for participation in Gorna Arda hydro project should the majority owner, the dominant state power utility NEK, open a tender, the company announced.

“If it is possible for us to take part in the project and the National Electricity Transmission Company organized such a contest, we will be glad to join in,” Vuk Hamovi?, Chairman of EFT Group, told Pari daily.

Bulgaria's new center-right government sealed a letter of approval for the construction of the long-delayed hydropower project at Gorna Arda river at the beginning of September last year.

The move was a requirement for the wrapping up of the sale of a 30.1% stake, owned by Turkey's CCG, part of the Ceylan conglomerate, to an Austrian consortium between energy firm EVN and construction company Alpine Bau.

Ceylan Holding is expected to withdraw its claim for EUR 75 M in damages that it filed with the International Court of Arbitration against the other member in the joint venture - Bulgaria's National Electricity Transmission Company NEK.

The Turkish company was contracted to implement the project under an electricity-for-infrastructure swap deal Bulgaria and Turkey signed in 1998. The launch of the hydropower construction was delayed after the Turkish company ran into financial troubles.

The Gorna Arda hydropower project is expected to cost around EUR 500 M.

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