Apr 15 2008
Vimetco N.V., the Dutch holding company of Vimetco Group, a global, vertically integrated producer of primary and processed aluminium products, and InterAgro SA, specialised in the export of agricultural chemical fertilisers, announce today the incorporation of a joint venture to support the construction of a power plant in Romania.
The new company, to be called TM Power SA, will focus on implementing a state-of-the-art coal-fired power plant with a capacity of minimum 1,000MW near Turnu Magurele. The industrial site, operated before the implementation of the project by a subsidiary of InterAgro, is ideally located along the Danube river, 90 km southeast of Slatina.
Vimetco’s local operations, Alro SA, and InterAgro SA are both major power consumers in Romania. Alro’s constant energy consumption amounts to approximately 450 MW electricity.
Commenting on the agreement, Christian Wuest, CEO of Vimetco NV, said: "The joint venture marks Vimetco’s first strategic partnership to enter the Romanian energy market. TM Power SA shows our commitment in pursuing the vertical integration strategy and thus securing electricity supplies for Alro’s aluminium smelter in Slatina. We are confident that the project will take off still this year and the first power will be available by the end of 2012."
Based on the positive assessment of a pre-feasibility study, the joint venture has awarded the contract for a bankable quality feasibility study and the related permitting support services to a consortium consisting of two Tractebel Engineering business units, Trapec – Tractebel Project-Managers, Engineers & Consultants (Romania) and Energy & Industrial Solutions Unit (Belgium).
Under the terms of the agreement, Vimetco NV and InterAgro SA will each have a 50 percent ownership stake in TM Power SA. The new company was incorporated on 11 April 2008 and is registered in Turnu Magurele.
Vimetco owns and operates in excess of 1’000 MW power generating capacities in China. The latest power block of 300 MW was commissioned in January 2008 and an additional one of 300MW is in the process of being constructed.