Greece-based AVAX Group said that it has signed a contract worth 673.5 million euro ($718.6 million) with Iraqi company Mass Group Holding for the engineering, construction and commissioning of a 1,750 MW combined cycle power plant in Romania.
The Mintia plant will be built near the western city of Deva and will run on natural gas, AVAX said in a filing with the Athens Stock Exchange on Tuesday.
In August last year, Mass Group Holding bought the Mintia thermal power plant (TPP) for 91.2 million euro ($97.2 million) and said it planned to invest over 1 billion euro in transforming it into the largest natural gas-fired electricity production facility in the European Union.
Construction for the unit developed by AVAX is expected to start immediately and to last 38 months. Delivery is set for the summer of 2026. The construction process will generate approximately 700 jobs.
Once finished, the Mintia combined cycle power plant will comprise two gas turbines, one steam turbine, and three Siemens generators, the release further showed.
"We sincerely thank Mass Group Holding for its trust, as with this third consecutive project it has now awarded us contracts worth approximately 1.6 billion euro," AVAX Group chairman Christos Joannou said.
AVAX Group has a total work-in-hand of around 3 billion euro. The group has been listed on the Athens Stock Exchange since 1994.
Established in 1995, Mass Group Holding is an Iraqi company registered in the Cayman Islands with its head office in Amman, Jordan. The holding company is focused on power generation and production of cement, iron and steel. It is present in Romania through Mass Global Energy Rom.
(SeeNews, May 31, 2023)
