Renewables

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

Photo: Pixabay

Published

April 14, 2015

Comments

0

Share

Published:

April 14, 2015

Comments:

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

Renewables-Greece-get-shortcut-grid-connection-PPAs

Renewables in Greece get shortcut to grid connection with PPAs

23 April 2024 - Renewables projects in Greece with PPAs with energy-intensive industrial consumers get priority in the transmission grid connection queue

Brite Solar agrisolar panel plant Greece 2024

Brite Solar to complete agrisolar panel plant in Greece by end-2024

23 April 2024 - Greek startup Brite Solar is building a production line in Patras for transparent solar panels for agrivoltaic production

green wolt scotland floating wind farm

Green Volt, world’s largest floating wind project, obtains planning approval

23 April 2024 - The project has now received all its planning approvals and remains on track to be the first commercial-scale offshore wind farm in Europe

Solar-power-plants-North-Macedonian-industrial-zones-supply-exporters-EU

Solar power plants in North Macedonian industrial zones to supply exporters to EU

23 April 2024 - Solar power plants in industrial zones in North Macedonia will enable manufacturers exporting their products to the EU to avoid CBAM