BUCHAREST (Romania), December 18 (SeeNews) - Romania's Hidroelectrica said it has signed a 5.37 million lei ($1.3 million/1.2 million euro) contract with TIAB Bucuresti for the upgrade a 110 kV electric station at Bradisor hydro power plant.
Modernization works are to be completed by the end of 2020 and will be financed from the company's own sources, Hidroelectrica said in a press release on Tuesday.
TIAB will provide repair services and will install new equipment at the electric station.
The contract was awarded to TIAB following an open public auction in which four bidders ran. TIAB had the best price/quality ratio, Hidroelectrica said.
TIAB Bucuresti is an integrator of industrial and infrastructure systems founded in 1949. In 2007, it became a member of the French group Vinci Energies.
Earlier this month, the shareholders of Hidroelectrica approved the launch of procedures for taking over assets in the country put up for sale by Czech energy group CEZ and by multinational energy group Enel.
Hidroelectrica is 80.06% owned by the Romanian state, while investment fund Fondul Proprietatea owns 19.94%.
(1 euro=4.7773 lei)