Vimetco chooses three finalists for construction of Tulcea cogeneration plant in Romania

Aluminum producer Vimetco selected three companies to enter the final phase of negotiations for the construction of the Tulcea cogeneration plant. The consortium Itochu – Hyundai, the Siemens group and Metka are the finalists. A winner will be announced by the end of May.

Vimetco received seven offers, from China Huadian Engine­ering, China National Electric En­gine­ering, Itochu-Hyundai, Metka, Min­metals Engineering Co. Ltd. (China), Siemens and Sino­hydro. The aluminum producer wants to build a co-generation plant with money from the European Bank for Construction and Development (EBRD). The project will cost EUR 276 million and the EBRD could cover 75 percent of it, pending a board decision in May. If the financing is approved, the 250 MWe/195 MWth power plant should be built and commissioned between 2012 and 2014 on the site of Alum Tulcea, Vimetco's subsidiary. The power plant will provide energy and steam to Alum and will fulfil the energy security requirements of the company, while also supplying district heating to Tulcea city. Alro made a EUR 52.9 million profit in 2011, up from EUR 37.9 million the year before, due to favorable market conditions in the first nine months of the year, and despite a drop in revenues caused by lower aluminum prices and higher electricity costs in the last three months of the year. The producer added EUR 100 million to its turnover last year, reaching EUR 528 million. Corina Saceanu, corina@romania-insider.com