Albania's govt approves changes in concession agreement for Devoll project.

By bne IntelliNews March 21, 2013
The Albanian government has approved changes in the concessionary agreement for the Devoll Hydropower cascade, which formally enables Austrian EVN to exit from the project, the cabinets press office reported. The ratification came a week after EVN said it agreed to sale its 50% stake in the project company Devoll Hydropower to partner - Norwegian Statkraft. According to PM Sali Berisha, Statkraft has announced that it will start the works on the project as soon as the Albanian authorities make the respective changes in the contract. The amended concessionary agreement needs also to be approved by the Albanian Parliament. EVN and Statkraft won in 2009 a concession to build three hydropower plants on the Devoll River. At the time of the award of the concession, the total cost of the project was estimated at EUR 950mn. The new plants are planned to generate up to 800GWh of electricity per year and help boost Albanias power output by some 20%.
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