March 28 (SeeNews) - Albania's energy ministry has awarded a 35-year concession contract for the construction of a hydro power plant with installed capacity of 8.8 MW to a joint venture of three local companies, the country's Public Procurement Agency said.
Under the build-operate-transfer contract, the joint venture is obliged to invest 5.9 million euro ($6.4 million) in the construction of the power plant in Central Eastern Albania, the Public Procurement Agency said in its weekly bulletin published on Monday.
The joint venture has to pay an annual concession fee of 817,897 kWh of electricity, equal to 2.2% of the power plant's projected output.
The joint venture comprises construction company Sina 98, mineral mining company and retailer Albmerkuri, as well as the car parts and tires retailer Besland.
The construction works are expected to be completed within 24 months.
One more candidate has applied for the concession contract, construction company Alko-Impex General Construction from Kosovo, but it was dismissed due to incomplete documentation, the procurement agency said.
($ = 0.9208 euro)