Albanian government exempts from taxes for 15 years Statkraft Norwegian company

Statkraft Norwegian Company which won the concession tender for the construction of Devolli Hydropower plant will not pay concession fee taxes for the upcoming 15 years, says Ministry of Economic Development. This decision was made after the approval of Statkraft’s proposal in constructing the substitutive road infrastructure in the area during the implementation of the project and 35 houses for locals, whose lands will be used for the project. In this way, the Albanian government decided to free of taxes for 15 years the Norwegian company, as a payment of its financial obligations to the company.
The decision came was taken by the economy Commission after many discussions, which followed the decision for changes of law “For the approval of concession contract, between the Ministry of Economy, Trade, and Energy as the contracting authority, and  EVN AG, STATKRAFT AS E DEVOLL HYDROPOWER, SH.A., as a joint concessionaire for the Devolli Hydropower plant project, its financing, construction, use and Maintenance  and the transferring of the hydropower project in Devolli river, in the Republic of Albania, changed”.
Devolli Hydropower plant is the biggest sustainable investment of Statkraft well-known company for the production of renewable energy, not only in Albania but furthermore in the region. This investment is expected to increase the electric energy production by 20%.
As predicted by the above law, the Ministry of Energy and Industry, the only institution responsible for the expenses of this project, could not find sufficient funds for the construction of roads until November 5, 2015. This decision caused many discussions at the Economy Commission meeting between majority and opposition parliament members. Ridvan Bode, member of Democratic Party, the major opposition party in parliament said these changes will increase costs for citizens, while Socialist Party deputy Anastas Angjeli declared that the ease of procedures will increase the interest of foreign investors to invest in Albania.
The substitutive infrastructure which includes the construction of roads and bridges that may destroy after the construction of hydropower plants reservoirs.

News source: ATA
Photo: Devoll Albania