December 28, 2017 / 11:36 AM / 2 years ago

Montenegro's EPCG halts deal with Skoda Praha for a new power plant

SARAJEVO, Dec 28 (Reuters) - Montenegro’s power utility EPCG has ended a deal with Skoda Praha, a unit of Czech power firm CEZ, for the construction of a new coal-fired power plant due to Skoda Praha’s failure to secure funding, EPCG said on Thursday.

Skoda Praha signed a deal last year with EPCG to add a new 254 megawatt (MW) unit at the Pljevlja power plant in Montenegro at an estimated cost of 324.5 million euros ($387 million).

“We have been waiting for Skoda Praha to secure the project funding for more than a year. As there was no solution we have informed it that we are terminating the cooperation,” EPCG spokesman told Reuters.

Reporting by Maja Zuvela in Sarajevo; Editing by Elaine Hardcastle

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