Serb EPS Buys ThyssenKrupp and Kopex Machinery for $77 MillionMisha Savic
Elektroprivreda Srbije JP, Serbia’s state-run power company, agreed to buy a coal excavator from ThyssenKrupp Foerdertechnik GmbH and a conveyor from Kopex SA for its mining operation that feeds its biggest thermal plants.
The unit of ThyssenKrupp AG will provide the excavator for 31 million euros ($40 million) and Poland’s Kopex SA will supply the 29 million-euro conveyor for RB Kolubara DOO, Belgrade-based Elektroprivreda, or EPS, said in an e-mailed statement. The new equipment will cut costs by 26 million euros a year, it said.
The purchase is part of a 181 million-euro project to improve coal management and cut pollution at Kolubara’s open-pit mines that fuel EPS’s Termelektrane Nikola Tesla plants.
Financing is arranged with an 80 million-euro loan from the European Bank for Reconstruction and Development, 65 million euros from Germany’s development bank Kreditanstalt fuer Wiederaufbau, or KfW, a 9 million-euro grant from the German government and 27 million euros of EPS’s own cash.