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2 October 2003 - An Austrian industrial group under the leadership of VA Tech Hydro, one of the world's leading suppliers of equipment and services for hydropower plants, have signed their first contract supported through the utilisation of the flexible mechanisms of the Kyoto Protocol.
The emission certificates generated by the new hydropower plant Tsankov Kamak situated at the Vacha Hydropower Cascade on the Vacha River in Bulgaria shall be transferred to the Austrian carbon credit programme via the Joint Implementation Mechanism (JI). The scheme, which is located near the town of Smolyan in the Rhodope mountains, 250 km south east of Sophia.
The implementation contracts were signed in Sophia, Bulgaria on 1st October between Natsionalna Elektricheska Kompania plc. (NEK) - Bulgaria's national electric company and the investor of the project - and an Austrian industrial group led by VA Tech Hydro, which includes Verbundplan (VPL) for engineering / project management and Alpine Mayreder for the civil works.
The total investment is about €200m, includes civil works, engineering and the complete electromechanical package, which is 100% arranged by VA TECH Finance and entirely funded by the Austrian side. The order intake for VA TECH is about €50m.
The new Tsankov Kamak contract involves the construction of an arch dam and a 80 MW hydro power plant, rehabilitation works on the existing cascade and the integration of all works to improve the utilisation and water management of the other cascade hydropower stations. The plant will have no additional impact on water flow since the new construction site is located within a cascade of already existing power stations. The construction of the missing interim section of the existing Dospat-Vacha hydro power cascade will contribute to the effective utilisation of the hydro energy potential along the river Vacha
The high level of availability and flexibility of the hydropower plant will contribute to increase the efficiency of operation of the power generating facilities connected to the electric grid. In this connection Tsankov Kamak HPP will contribute to meet the peak and peak-following load demand, the frequency regulation, providing a fast reserve in case of failure of a major unit and above all an essential reduction of emission potential.
Tsankov Kamak is expected to be operational end of 2007.
Franz Strohmer, Member of the Board of VA Tech Hydro, said "The Kyoto protocol and its flexible mechanisms offers new opportunities for project development. Tsankov Kamak on the one hand is a mile stone for the Bulgarian energy sector and on the other hand an important contribution to the Austrian climate strategy, being the first large project for Austria based on the Kyoto protocol mechanisms."
Günter Moraw, Chairman of Verbundplan stated: "The Tsankov Kamak project serves as an important contribution for the generation of renewable energy and saves scarce natural resources for future generations. The project will provide work for up to 500 people during the four-year construction period."
With this important project this Austrian Industrial group has proofed itself once again as a competent and experienced partner for sustainable solutions.
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