EVN Puts Gorna Arda Hydro Power Cascade on Hold

EVN AG has informed all stakeholders the project for the realization of the Hydro Power Cascade is put on hold.

In a statement, EVN says the announcement comes "in relation to its legal obligations as a Vienna Stock Exchange listed company."

This is reported in the financial report of EVN AG for the first quarter of 2016/17.

The shareholder agreement between EVN AG and NEK for establishing a company for the construction of Hydro Power Cascade Gorna Arda was signed on July 19, 2010.

The development followed a pullout of Turish company Ceylan from the project.

EVN owns 70% of the project, while the National Electricity Company (NEK) has a 30% stake.

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