‘TsankovKamak’ Hydroelectric PowerGeneration Project

‘TsankovKamak’ Hydroelectric PowerGeneration Projectis the first pilot project for joint implementation under the Kyoto Protocol on the basis of a Memorandum of Understandingbetweenthe Republic of Bulgariaand the Republic of Austria. The aim of the project is to construct the middle section of the Vacha Cascade and to fully utilize the available Hydroelectricpower potential along the river valleyVacha. Financing is through export and commercial credits in the amount ofEUR 220 million, disbursed without state guarantee.

‘TsankovKamak’ Hydroelectric Power Plant (HPP) is located onVacha River, which is one of the biggest Bulgarian rivers. Six Hydroelectric power plantsare operational at present along the Vacha River withoverallinstalled power of 400 MWand annualelectric energy production of 460 GWh.

‘TsankovKamak’ Hydroelectric Power Plantwill be located in the middle section of the river. The following main facilities were constructed under the project:

  • ‘TsankovKamak’dam with a total volume of 111 million m3, including the construction ofthe first in Bulgariaarcheddome dam wall with double curvature of 125 m height;
  • ‘TsankovKamak’Hydroelectric Power Plant (HPP)with an installed power of80 MW and an annual electric power production of 185 millionkWh;
  • Underground pressure derivation with total length 540 m.

On April 2, 2004 the prestigious British magazine EUROMONEY defined the construction of ‘TsankovKamak’ Hydroelectric Power Generation Projectas the best deal of the yearand the best structured project in commercial and financial terms for 2003. The project financing framework has a complex structure with many sources, including a consortium of banks and export credit agencies acting as reinsurers

Implementation period: 2004 – 2008