The Gorna Arda hydroelectric project is an under construction project, with an expected power generation capacity of 175MW. NEK will hold the remaining 30% in the joint venture of EVN and NEK, which will build three hydropower stations and renovate dams on the Gorna Arda river. The project is estimated to cost EUR500m.
An EVN spokesman was quoted by Reuters as saying that the companies expect to have an updated feasibility study by the end of the year that will define the amount of the investment and launch the construction in 2011.
The hydroelectric project was initially to be built by a joint venture of Turkish company CCG and NEK. In May 2010, EVN acquired the 30.1% stake of CCG in the project.
