Bank guarantee for HPP Chebren expires by year-end, the project’s uncertainty continues


The uncertainty surrounding the Chebren hydropower plant (HPP) project continues. The Ministry of Environment has extended the deadline for concluding the agreement and now it is up to the Greek side to declare. The Macedonian Minister of Environment Kaja Shukova told Kanal 5 TV that the bank guarantee of the Greek company Archirodon Group is valid until the end of the year. If they continue it, the process will continue and the conclusion of the Joint Venture Agreement and establishment of a joint-stock company with ESM will be approached.
“According to the Water Law, you must first obtain a water permit, and then sign a Concession Agreement. And, they believe that the Concession Agreement should be signed first, and then the procedure should continue. We adhere to what is regulated by our laws and the company will be informed about the same. If the bank guarantee is not extended, the process will be automatically stopped,” said Minister Shukova.

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