February 20 (SeeNews) - Romanian hydro power producer Hidroelectrica said it has launched an international public tender for the rehabilitation of Vidraru Hydro Power Plant (HPP).
The estimated value of the contract to be awarded amounts to 78.98 million euro ($97.5 million), excluding VAT, to which a maximum of 1.75 million euro can be added, Hidroelectrica said in a press release on Monday. The works will be completed within four years and eight months after the contract award date.
The final date for submission of bids is May 15.
The project aims to extend the HPP's life by at least 30 years and to increase the active power of each hydro-aggregate from 55 MW to 58.8 MW at least, while ensuring better reliability, lowering the maintenance needs and increasing safety in operation.
"We are focusing on increasing the overall efficiency of the facility, but also on the integration of state-of-the-art technologies such as automated control systems that enable remote energy production, without permanent personnel in the underground station," Hidroelectrica directorate president Bogdan Badea said.
Built between 1961-1966 on the Arges River, the Vidraru HPP was designed to operate predominantly at the top of the load chart, with an installed capacity of 220 MW and an annual average energy output of 400 GWh.
Hidroelectrica operates more than 207 hydro power plants with a combined installed capacity of over 6,432 MW.
In April, Hidroelectrica exited insolvency, which paved the way for a long-awaited listing on the Bucharest Stock Exchange, seen as the biggest in Romania's history. The initial public offering (IPO) of a 15% stake in Hidroelectrica is expected to raise 1 billion euro.
The government's plans to dual-list a 15% stake in Hidroelectrica on the BVB, and on the London Stock Exchange have been repeatedly delayed as insolvency proceedings were taking longer than expected, despite the company's strong financial recovery.
Hidroelectrica's gross profit jumped by an annual 6% to 256 million euro in the first nine months of 2017.
($=0.8103 euro)
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