Italian power company Enel has signed a memorandum to evaluate and study the efficiency of the Gorna Arda hydro power project in Bulgaria, a project which has been on standstill for the past four years.
If the project on the Gorna Arda river near Bulgaria’s border with Turkey – so far valued at US$300M – proves profitable, Enel would become its main investor and, according to officials, would launch construction within a year.
The project will involve the rehabilitation of existing dams and the development of three new hydro stations. It is expected to create many new jobs in a country with high unemployment, and strengthen Bulgaria’s position as one of the leading power exporters.