ContourGlobal, World Bank strike financing deal for €1bn Kosovo project

By bne IntelliNews November 11, 2015

The US company ContourGlobal and the World Bank have reached an agreement for financing the 600 MW Kosova e Re power plant in Kosovo, which opens the way for the deal with Kosovan authorities to be finalised, the ministry for economic development said on November 11.

The signing of the deal between ContourGlobal and Kosovo government has been delayed due to the terms of the contract. ContourGlobal was the only firm to remain in the competition for the power plant project, which is worth over €1bn. The project is expected to solve the country’s energy problems caused by its outdated energy infrastructure.

ContourGlobal will be awarded the status of preferred bidder under the deal, which will be signed in the next few days, the ministry said.

The terms with the World Bank have been aligned following the visit of Kosovan Minister for Economic Development Blerand Stavileci to the US.

Kosovo faces an urgent need to rehabilitate its energy system, which in addition to the construction of a new power plant, will include upgrades to the existing power plants’ units which have caused frequent interruptions of the power supply.

 

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