"We announce today that the Kosova e Re project cannot go forward," ContourGlobal president and CEO, Joseph Brandt, said in a statement published on the website of the London Stock Exchange.
Brandt explained that the political situation in Kosovo since July, the recent formation of a government led by a prime minister publicly opposed to the project and the government's inaction have made it impossible for the project to meet the required milestones by its project completion date of May 24, 2020.
"As we have stated in the past, Kosovo was to have been our last coal development project,” the CEO of ContourGlobal added. "We will not develop or acquire coal power plants in the future.”
In December 2017, Kosovo's government signed an agreement with ContourGlobal to launch the construction of Kosova e Re. The project was considered as Kosovo's largest energy project, aimed to replace the 40-year-old Kosovo A plant and seen as the only solution to the Kosovo's chronic air pollution and unreliable power supplies.
ContourGlobal is an international power-generation company with approximately 4,305 MW in operation in 18 countries and three continents. ContourGlobal operates a portfolio of 107 thermal and renewable power plants across Europe, Latin America, and Africa utilizing a wide range of technologies.
(SeeNews, March 17, 2020)
