Prospective Share Sale of EPCG

The Government of Montenegro is considering the sale of an unknown percentage of shares in Elektroprivreda Crna Gora (EPCG). EPCG is the state-owned producer and distributor of electricity in Montenegro. The date of sale and the asking price are yet to be revealed.

Offshore Wind Plant Project of 1,200 MW

The Renewable Energy Resource Areas project with the first wind plants to be constructed on the sea will be the first of its kind in the country. The Energy and Natural Resources Ministry of Turkey will accept applications for the wind plant until 23 October 2018. The ceiling price for one megawatt-hour was set as USD 8. Applicants will compete for the lowest bid in a reverse auction. The investor submitting the lowest bid will sign an energy purchase agreement, including the first 50 terawatts-hour of electricity production starting from the first commissioning of the plant.

Privatisation of Coal Reserve and Energy Production Area

The Privatisation Administration has announced a public invitation for the participation in a tender for privatisation of Coal Reserve and Energy Production Area located in Eskisehir, owned by Elektrik Uretim A.S. through delivery of operating rights. The deadline for bidding is extended to 26 October 2018. The provisional security amount is USD 25 million.

Construction of a Photovoltaic Plant in Vlora

A project for the construction of the photovoltaic plant for the generation of electricity with installed capacity of 50 MW, as part of the Support Measures in the Akerni Zone (Vlora) and the construction of additional capacity of 20 MW up to 50 MW, which will not be part of the Support Measures, is in the pipeline. The duration of the project is estimated to be 30 years, with the right of renewal. The area where the project will be developed is the Akerni Area, Vlora Municipality, which is one of the most favourable areas with high solar radiation and a solar energy potential of more than 1600…

TAB Looking for a New Buyer

A successful Slovenian battery manufacturer Tovarna Akumulatorskih Baterij (TAB) has recently been in serious negotiations regarding the sale of the company to the South African company Metair Investments. In August it was reported that the Metair’s EUR 300 million bid has been dropped because of the depreciating rand. Unofficially, the owners of TAB will be looking for a new buyer. TAB is producing a wide range of lead acid flooded, VRLA AGM and VRLA Gel batteries in three modern factories with approximately 1,300 employees. They have after-market automotive battery manufacturing facilities…

Albania Adopts New Support Schemes for Solar and Wind Power Plants

Flavia Xhafo, Senior Associate at KALO & ASSOCIATES discussed Albania’s potential in developing other sources of renewables, such as solar or wind power plants, in addition to hydropower plants, generating more than 95% of the electricity in Albania. In February 2017, the Parliament approved the new law on Incentives for Using of Energy from Renewable Sources (the “2017 RES Law”), which is partially aligned with the EU RES Directive No. 2009/28/EC, as part of the Acquis – an obligation Albania has as a potential candidate for accession to EU. The 2017 RES Law establishes the broad…

KG Law Firm Advises on Financing of Wind Farms in Greece

Kyriakides Georgopoulos Law Firm acted as a joint Greek legal advisor to European Investment Bank and to Alpha Bank A.E. on financing of two wind parks in northern Greece. The financing was structured on a limited recourse project finance basis by means of a long-term facility in the form of a hybrid bond loan governed by the Greek Bond Law No. 3156/2003 and German law, along with relevant Greek law security documents for each Project Company. The European Investment Bank's loan is backed by the EU budget guarantee of the European Fund for Strategic Investments, the financial instrument of the…