North Macedonia Approves €1 Billion “Cebren” Hydroelectric Project with Greece PPC – Archirodon Joint Venture

The Cabinet of North Macedonia has approved the establishment of the PPC – Archirodon joint venture, endorsing the construction and operation of the significant hydroelectric project “Cebren,” valued at one billion euros.

This project will boast an installed capacity ranging from 333 to 458 MW, producing an estimated 1000-1200 GWh of electricity annually. It is planned to be executed through a public-private partnership, with the state-owned Electricity Company of North Macedonia (ESM) acting as the public partner, holding a 33% ownership stake.

According to the government of North Macedonia’s announcement, the PPC – Archirodon joint venture is required to reach an agreement with ESM within three months. Following the completion of the study and the acquisition of necessary permits, construction is set to commence, with an estimated duration of seven years.

It is noteworthy that the joint venture PPC – Archirodon was the sole entity to submit a comprehensive proposal for the “Cebren” hydroelectric project during the most recent tender initiated by the State of North Macedonia.

This tender pertained to the concession for utilizing water resources for electricity production through hydroelectric plants situated along the Crna Reka (Black River) in the southwestern region of North Macedonia.

Since 2006, the State of North Macedonia has conducted 13 tenders for the construction and operation of the extensive “Cebren” hydroelectric project, all of which remained unsuccessful due to various reasons.

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