September 10 (SeeNews) - Croatia's Koncar Elektroindustrija said its power equipment maker Koncar Generators and Motors has signed a $12 million (8.2 million euro) deal with SN Aboitiz Power Benguet for the upgrade of a hydro power plant in the Philippines.
The contract covers delivery of active parts, testing and inspection of other parts, supervision of the construction and assembly process and subsequent testing and inspections at the Binga hydro power plant, located near the city of Baguio, in the northern Philippines, Koncar Elektroindustrija said in a filing to the Zagreb Stock Exchange on Wednesday.
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Under the deal, the company will also put into operation four generators with a power capacity increased from 27.8 to 37 megavolt amperes as part of the power plant's overall upgrade, the statement added.
SN Aboitiz Power Benguet, Inc. is a joint-venture between SN Power Invest of Norway and Aboitiz Equity Venture of the Philippines.
Koncar Generators and Motors (www.koncar-gim.hr) is expected to sign by the end of this year contracts for another ten projects in Costa Rica, Slovenia, the Netherlands, Finland, Nigeria and Iran with a combined value of over 22 million euro, the statement said.
Shares of Koncar Elektroindustrija were trading up 2.44% at 424.98 kuna ($84.5/58 euro) by 0905 GMT on Thursday.
(1 euro=7.3244 Croatian kuna)