Committing for the biggest investment energy project in Moldova

The investment of 600 million euros, United Energy Moldova committed to make in building a power station in Ungheni district, will be the largest investment project in the energy sector realized in Moldova since the independence. The statement was made Monday by deputy premier Igor Dodon at the ceremony of signing the investment accord, Info-Prim Neo reports United Energy Moldova is a member of J&T Finance Group from the Czech Rep. According to the accord, the Moldovan Government is provide the necessary support to the Czech company to carry out the project in terms of financing, building and operating the power plant with a capacity of at least 350 MW. The power plant will use coal. The Czech company commits to deliver Moldova at least 735 million kWh annually, what's some 20 % of this country's consumption. The projects also envisages to build a high-voltage line from Ungheni to Romania's Iasi. Igor Dodon says the project will contribute to enhancing the country's energy security. Now the local plants produce only 30 % of the electricity consumed. “We believe Moldova is a country with good developing prospects, oriented toward the European Union. I highly appreciate the professionalism of the Moldovan specialists. It's a big investment our company makes in a foreign country. The plant will be built according to the highest standards existing now in Europe,” said Daniel Kretinsky, the manager of United Energy Moldova. Kretinsky says the accord guarantees supplying 735 million kWh, but Moldova does not have to buy all this quantity. “Any way the plant will increase the energy security of the country, providing an alternative without Moldova making investments in this respect,” Kretinsky said. The investor will end the project in 2011, as its investment will return profits in 10-15 years after the plants starts working.