EFT News

Saturday, May 18, 2013
Construction of the main structures of the TPP Stanari underway

The construction of the Stanari TPP in Bosnia and Herzegovina officially commenced today with the symbolic laying of the foundations of the main structure of the plant. The event was attended by numerous dignitaries, including the President and Prime Minister of Republika Srpska, the Serbian entity in Bosnia and Herzegovina, members of the diplomatic core, representatives of energy companies from Europe and China, as well as international financial institutions. 

The Stanari TPP is the first thermal power plant of its kind to be built in the region of former Yugoslavia in over three decades. The EFT Group is investing 600 million Euros in this project, which includes the development of the 300 MW plant and modernization of the Stanari mine.  

“We have already invested 70 million Euro and have concluded the financing package for the Stanari plant with the China Development Bank and other European commercial banks. Now we are commencing the phase of intensive construction and expect the plant to start its trial operation in the last quarter of 2015”, said Vuk Hamovic, the EFT Group Chairman. 

The Stanari TPP is being built by China’s Dongfang Electric Corporation. Wen Shugang, president of Dongfang Electric Corporation said that the Stanari project had special significance as it represented the first such EPC contract for the Chinese company on European soil. “This plant will give us an important reference for further expansion on European markets”, said Wen. 

The Stanari credit facility provided by the China Development Bank represents the first payment from the 10 billion US dollar credit line allocated by Chinese financial institutions to credit the development of infrastructure and energy projects in eastern and central Europe. 

The Stanari plant is being built in line with all the European Directives on the protection of the environment. It will produce 2000 Giga-watt hours of electricity annually.  The development of the plant will create 900 permanent jobs in Stanari.