SOFIA (Bulgaria), August 8 (SeeNews) - PVB Power Bulgaria said on Wednesday it plans to invest 220 million euro ($272 million) in seven small hydro power plants on the Somes river, in northwestern Romania.
The plan is to develop the project under a public-private partnership with the Cluj county, Viktor Sokachev, head of corporate communications at PVB Power Bulgaria, told SeeNews over the phone.
The company has already set up a subsidiary in Romania, PVB Transilvania, and is conducting pre-feasibility and engineering studies.
Sokachev said construction works are tentatively set to start in 2013. The project is expected to take three years to complete.
The company plans to finance the project through a combination of own funds and bank loans.
PVB Power Bulgaria, a unit of Italian-based PVB Power, specializes in the development of run-of-the-river small hydro power stations.