Hungary's ELMIB on Friday signed an agreement with Serbian agribusiness Velvet Farm to build a €4.9 million biogas-fueled power plant in the Vojvodina region of Serbia, the company announced.
ELMIB CEO József Kele and Velvet Farm managing director Jovan Popovic signed the agreement to build and operate the plant in the presence of Serbian economy minister Mladjan Dinkic.
A 50-50 joint venture, called Bio Power, will be established by the two companies for the 1.2MW plant which is expected to start test operation in Q1 2011.
ELMIB won the contract for the project in a tender, beating bids by two Hungarian, two German, one Slovenian and one Austrian company.
ELMIB has undertaken several biogas-fueled power plant projects in Hungary too. The plant in Vojvodina will be the company's first in Serbia. (MTI-ECONEWS)