Germans to build five power plants in Serbia: report

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German RWE Innogy company and Serbian monopolist Electric Power industry of Serbia (EPS), agreed on Tuesday to build five hydroelectric plants worth 352 million euros ($495 million).

The plants will have a total power of 150 megawatt and will be built on the central Serbian river of Velika Morava within six to seven years, Beta news agency reported.

The two companies signed an agreement on setting up a new company in which RWE Innogy will have a 51-percent majority stake. Construction of the new plants is planned to begin in 18 months, Beta quoted EPS general manager Dragomir Markovic as saying.

Last July EPS also created a joint company with Italian Seci Energia company in order to build 10 hydroelectric plants on the southern Ibar river.

© 2011 AFP

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