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Swiss-based KTG AG and authorities of the Bosnian town of Zenica recently said they have picked China's Sepco III Electric Power Construction Corp to build a 390 MW gas-fired power plant in the central Bosnian town. Sepco III was chosen after it offered the best price of 218 million euros ($284.44 million) to carry out the project, KTG CEO Branko Montenegro said. Other bidders included two German, one Italian and one Spanish firm, he added. Under the deal, General Electric Co. is expected to supply gas turbines for the future plant.
Chinese investors are increasingly targeting energy projects in the Balkans, boosting their presence and showing a willingness to take bigger risks than European rivals in a potentially lucrative market with good links to the European Union and scope for prices to rise. Montenegro said the Chinese partner has hinted that it may take a stake in the future plant, which will also produce steam to heat the town.
The construction is set to begin in October or November and will take 23 months to complete. After a six-month period of tests, the plant is expected to be connected on the national grid. Bosnia gets 40 percent of its electricity from hydropower plants and the rest from coal-fired plants, and is the only steady electricity exporter in the emerging Balkans.