February 2 (SeeNews) - The government of Bosnia's Serb Republic awarded a 50-year concession contract to local electronics company ETMax for the construction and operation of a 880 million marka ($495.1 million/449.9 million euro) worth of solar photovoltaic plants with a total capacity of 500 MW in the municipality of Nevesinje, the municipality said on Thursday.
ETMax will build and operate a 200 MW solar plant and six more power plants with a capacity of 50 MW each, the municipal government said in a statement.
The power plants are expected to be completed within four years, said Sinisa Maksimovic, director of ETMax. The company will sign the concession contract with the government of the Serb Republic in the following 60 days.
The concessionaire has paid a one-off fee of 7 million marka and will pay a concession fee of 0.0055 marka per kWh produced once the plants are commissioned.
The Serb Republic is one of two autonomous entities that form Bosnia and Herzegovina. The other one is the Federation.
(1 euro = 1.99583 marka)