ZAGREB (Croatia), June 24 (SeeNews) - Croatian electrical equipment manufacturer Koncar Elektroindustrija [ZSE:KOEI] said on Friday it has signed a 65 million euro ($69 million) agreement with Iraq’s Ministry of Electricity for a reconstruction of Haditha hydro power plant.
“The plant built in the 1980s, with installed capacity of 6x128 MVA, is one of Koncar’s flagship projects. The revitalization will be spearheaded by Koncar – Engineering (KET) and will include several members of the Koncar Group,” the company said in a filing to the Zagreb bourse.
Under the agreement, Koncar will carry out a partial revitalization of generation units, replace part of the MV and HV equipment, the entire plant management systems, the excitation system and the electric protection system, and will upgrade mechanical subsystems and hydromechanical equipment.
Koncar Elektroindustrija's shares traded 1.15% higher, at 880 kuna ($123/117 euro) on Friday morning on the Zagreb bourse.
Koncar Elektroindustrija is the parent company of Koncar Group, which offers turnkey construction of power plants, manufactures transformers, generators, motors, switchgear and other equipment for power generation, transmission and distribution, as well as tramcars, electric multiple units, railway plants and accompanying equipment and systems.
(1 euro = 7.532 kuna)