Renewables

ELEM activates EUR 5.6 million in guarantees from Slovenia’s Riko

Photo: Pixabay

Published

April 14, 2015

Comments

comments icon

0

Share

Published:

April 14, 2015

Comments:

comments icon

0

Share

The bank guarantees provided by Slovenia’s Riko worth EUR 5.6 million were activated, state-owned power producer ELEM said on April 9. The foreign company failed to meet obligations in the former Yugoslav republic on the construction of a 36.4 MW hydropower plant (HPP), said ELEM, operator of the facility.

St. Petka HPP was officially delivered on a turnkey basis on February 5, 2013, but some of the works which were specified in the tender documentation were not completed within the prescribed period and their quality did not meet the contractor’s requirements, ELEM said in a statement emailed to SeeNews.

Furthermore, Riko failed to remove some of the faults in the HPP’s operation which were identified during the trial period, Energia.gr portal reported. ELEM also said that St. Petka was delivered 270 days later than agreed, which entails penalties in the amount of 10% of the contract value. The construction of the plant was due to be completed by April 2009.

Hydro plant St. Petka’s annual production is 66 GWh of electricity. The project was worth 75 million euro, the Macedonian government said earlier. ELEM operates two thermal power plants and eight hydropower plants.

Tags: , ,

Related Articles

Portable photovoltaic system invented for disaster stricken areas

Portable photovoltaic system invented for disaster-stricken areas

24 July 2024 - Turkish engineers have designed a foldable and portable photovoltaic system of 15 kW for restoring power supply in case of a disaster

macedonia mepso ebrd loan grid renewables koka basso bozinovska

MEPSO secures funds for grid investments; upgrade to enable connecting 1.2 GW of renewables

23 July 2024 - MEPSO and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a EUR 26.4 million loan

fiat grande panda stellantis serbia electric cars automobiles

Stellantis starts producing electric cars in Serbia

22 July 2024 - With the announced state subsidies, Fiat Grande Panda from the Kragujevac plant could cost around EUR 18,000

Greece lowers 2030 renewable penetration goal in its final NECP

Greece lowers 2030 renewable penetration goal in its final NECP

19 July 2024 - Greece's final National Energy and Climate Plan (NECP) is expected to be submitted to the European Commission in the following days or weeks