The JV of EVN and NEK (30% stake) will build three hydro plants and renovate dams on the Gorna Arda river in Bulgaria. Construction is expected to launch in 2011, following submission of an updated feasibility study by the end of this year.

The Gorna Arda project was originally expected to be built by a JV of NEK (69.9%) and Turkish firm CCG, part of the Ceylan conglomerate. EVN acquired CCG’s 30.1% stake earlier this year, and has now agreed to play a larger role in the project by increasing capital in the new JV.