Bulgaria’s Energy Minister, Milko Kovachev, told a press conference in Sofia in late May that several potential investors have shown interest in participating in the construction of the Upper Arda hydroelectric power project, according to the Bulgarian Telegraphic Agency.

The Upper Arda project is part of a bilateral agreement between Bulgaria and Turkey that was signed in 1998. Under the agreement, Bulgaria was to export electricity to Turkey from the cascade, in return for investment in the construction of the plants.

Documents for the actual construction of the cascade were then signed in 1999, but no progress has been made since then because of the exit of the Turkish contractor, Ceylan Holding, from the project .