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

Turkey 20 GW PV capacity wind power 13 GW

Turkey tops 20 GW in PV capacity, wind power surpasses 13 GW

18 February 2025 - Turkey exceeded 20 GW in PV capacity last week, reaching 20.4 GW, while wind power grew to more than 13 GW

bih concession solar ljubinje trebinje cicevo bancici srpska

Republic of Srpska grants two concessions for solar power plants

18 February 2025 - The deadline to sign concession contracts for the two power plants is 60 days and it expires in early April

Race against time for Greece to avoid a blackout on Easter

Race against time for Greece to avoid a blackout on Easter

18 February 2025 - Greek authorities are rushing to secure the electricity system against a possible blackout during Easter

IEA Renewables cover almost all electricity demand growth 2027

IEA: Renewables to cover almost all electricity demand growth through 2027

17 February 2025 - A sharp increase in global electricity demand is expected in the next three years, IEA said and estimated that renewables would cover 95%