Power Group Online Article |  | |
27 December 2007 - CEZ and MOL have agreed to set up a joint venture to leverage opportunities in the electricity market in central and south eastern Europe that will strategically benefit both parties.
The JV will initially focus on gas-fired power generation in Slovakia and Hungary, with further possibilities to be considered in the near future, especially in Croatia and Slovenia. The JV will invest around €1.4bn ($2.03bn) to install a combined capacity of 1760MW by 2013.
The two companies will have an equal equity interest and voting rights in the new business entity. The first investment of the JV is the construction of combined cycle gas turbine power plants (CCGTs) at the refineries of MOL group in Bratislava, Slovakia and Szazhalombatta, Hungary.
As a part of the JV agreement MOL will contribute its current heat plants and all related infrastructure at both sites. The financing plan for the venture is still subject to discussion but is intended to utilize project financing to the maximum extent possible.
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