Chinese investors plan geothermal plant in Slatina, Croatia
Landscape at Slatina, Croatia (source: flickr/ Lidach.vtc, creative commons)
Alexander Richter
27 Nov 2012
China International Investment Stock Ltd. signs investment contract for $415 million paper mill project in Slatina, Croatia, that will include the construction of a geothermal power plant to provide power to the plant.
As part of an announcement of a Chinese company having signed an investment contract for EUR 320 milliion ($415 million), Bloomberg reports that the company is looking to build a geothermal power plant. This as part of the construction of a paper mill with local PAN Papirna Industrija d.o.o.
The facility that is to produce paper and cellulose, is to be powered by a geothermal power plant. The plant will be located in Slatina in Western Croatia. It is expected that the plant will start to be built within the next year. The project is financed by Cyprus’ Faisal Islamic Bank of Kibris (subsidiary of Dubai Islamic Bank PJSC (DIB).
China International Investment Stock Ltd. is expected to hold about 70 percent of the stock in the investment, with the remaining shares held by PAN Papirna Industrija.
In May 2011, Icelandic firm Efla Engineering reported it has been working in Eastern Croatia since the fall of 2010 for the geothermal development company that is owned by the city of Slatina and several investors.
In 2008, it was reported that the town of Slatina, Ina and Icelandic Enex had planned to build a 10 MW geothermal power plant at Slatina with an expected investment of EUR 40 million ($51 million), and that Enex, Siemens and Ormat were interested in geothermal development in the Bjelovar area in Croatia.
Source: Limun, Efla, BusinessWeek
