The EVN Group said on
Thursday the sale of its 50% stake in the Devoll
hydro power project in Albania had a negative
effect of 27.6 million euro ($38 million) on its
earnings in fiscal 2013 ended September 30.
The group posted earnings before interest, taxes,
depreciation, and amortization (EBITDA) of 457.6
million euro in fiscal 2013.
Shkodra Region Beteiligungsholding GmbH, 49.99%
owned by EVN, which holds the investment in the
Ashta hydro power plant in Albania, recorded a
negative earnings contribution of 20.4 million
euro that was also reflected in the financial
results, the group said in a statement posted on
its website.
In March, Norwegian utility company Statkraft
signed a deal to take over the 50% stake in the
Devoll hydro power project in Albania held by EVN.
EVN remained active in Albania through its Astha
project with Austrian utility Verbund AG.
The Ashta hydro power plant project, worth some
200 million euro, consists of two components -
Ashta I and Ashta II, with a total capacity of 53
megawatts. The hydro power plant on the Drin
river, in northern Albania, will generate 240
million kilowatt-hours of electricity annually.
Its construction began in March 2010.
Source: SeeNews