March 29 (SeeNews) - The Montenegrin government said it has decided to award a 30-year concession for the construction and operation of a small hydropower plant on the river Zeta to a local company jointly owned by state-controlled power utility EPCG and the Montenegrin subsidiary of Norwegian utility NTE.
The concession contract for the planned 1,672 kW Slap Zete hydropower plant will be signed within 15 days, the government said in a statement on Thursday after its regular cabinet meeting.
The estimated annual production of the plant is 8.71 GWh, the statement said, adding the annual concession fee is set at 6.5% of the cash equivalent of the produced electricity.
The project company is Danilovgrad-based Zeta Energy, which is a 51/49 joint venture of EPCG and NTE Montenegro. The latter is in turn a 51/49 joint venture of Norway's NTE and local construction firm Zetagradnja.