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Article: ESTONIA: ACQUISITION OF 49% INTEREST IN POWER COMPANY IS CONDITIONAL ON AN INVESTMENT OF $361,000,000 TO REFURBISH ITS PLANTS AS WELL AS MAKE ENVIRONMENTAL IMPROVEMENTS, NRG ENERGY [USA] & NARVA POWER [ESTONIA] - Order #: 091000.
- Article from:
- WWP-Business Opportunities in Eastern Europe & the CIS
- Article date:
- September 1, 2000
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PROJECT OVERVIEW
U.S.-based NRG ENERGY, a subsidiary of NORTHERN STATES POWER CO. (NSP), recently concluded an agreement with the Estonian government regarding the acquisition of a 49% interest in the local state-owned NARVA POWER. The company's equity stake is expected to require an investment ranging between $65,000,000 and $70,000,000. According to the terms of the deal, NRG must commit itself to invest $361,000,000 into the company.
NARVA currently owns some 3000 Mw of oil shale-fired power units as well as a 51% interest in government-owned EESTI-ENERGIA POLEVKIVI which is involved in shale mining. NARVA's 2 power stations reportedly supply some ...