Last week in Zagreb, HEP signed an Exclusivity Agreement with the Japanese corporation Marubeni.The execution of this Exclusivity Agreement has successfully completed the first phase of the negotiation process in the selection of a strategic partner for the financing, design, construction and operations and maintenance of the Plomin C thermal power plant.
Negotiations regarding the Exclusivity Agreement started on September 2, 2014 when Marubeni’s offer was evaluated as the most competitive and Marubeni Corporation was selected as the preferred bidder. Under the Exclusivity Agreement, HEP commits to continue negotiations with Marubeni, and the Exclusivity Agreement also opens the possibility for both parties to finalise the transaction documents and to further optimise the technical and commercial features of the Project to obtain more favorable conditions for its successful implementation.
The Project is fully in line with EU regulations in terms of the applicable technology and environmental protection. Marubeni’s technical offer is state of the art and the efficiency parameters are better than requested in the Request for the Proposal and significantly better than the requirements of EU law.
The Plomin C Project shall improve the profile of HEP and Republic of Croatia’s production portfolio. The Project is of strategic importance for the long-term stability and security of electricity supply in the Republic of Croatia. As is the case for all the projects of this type in the EU, HEP has commenced communication with Directorate General Competition of the European Commission in order to file the case and get the necessary clearance to proceed.
