Serbia’s state power company EPS and a Canadian-Chinese consortium signed a cooperation memorandum for the development of a pumped-storage hydropower plant.
Its value is estimated at EUR 600mn.
The memorandum was signed by EPS CEO Dragomir Markovic, Vice-President in the hydro-power and power division for the Canadian company Lavalin Jean-Francois Bacle and a representative of China Nuclear Power Engineering.
The EPS CEO said the preparation of the technical documents for the 680 megawatt project will start immediately, and noted the construction of the pumped-storage hydropower plant Bistrica on the Lim River in southwestern Serbia is of great importance for the country and the region, because it will provide additional stability to the energy system, especially when electric energy is insufficient and in high demand.
Construction will take five to six years, and the project will bring together domestic engineers and construction companies, Canadian technology and Chinese financing, it was said after the memorandum signing.
The memorandum will have energy companies from the three countries cooperating on a feasibility study, environmental impact study and a financial plan.