Italian construction company Condotte is investing a total of €19 million in the construction of four small hydro power plants in Macedonia.

Speaking at a news conference on Wednesday, Minister of Economy Bekim Neziri said the hydro power plant on River Eshtericka near Probishtip had been completed and was expected to start its operations in the winter. The remaining three plants, he added, two stations on River Zrnovska in the Kocani area and another one on River Kadina in the region of Skopje, are in different stages of construction.

“The Condotte investment engages a lot of local companies, which has contributed to reviving the regional economy. Even though the company is investing only €19 million, it’s encouraging that it is a potential investor that will keep investing in Macedonia,” stated Neziri.

Condotte CEO Duccio Astaldi praised the cooperation with Macedonia’s relevant institutions and its local partner IMPG company in Skopje.

“We are particularly pleased with the framework prepared by the Macedonian government for foreign investors,” Astaldi stated adding Condotte was interested in investing more in the country.

The Italian construction company is one of the leading companies in the world. It entered the market in Macedonia in 2013. Founded 130 years ago, Condotte invests in infrastructural projects all over the globe and makes an annual turnover of €1.2 billion.

Answering journalist questions, Minister Neziri said the possibility of investing in the projects Chebren and Galishte and in the Skopje-Blace road was being discussed with Condotte officials

The Italian company is receiving so called feed-in tariffs from the state, the same as the remaining 64 concessioners in Macedonia. According to Neziri, the goal is the production of power from renewable sources and Macedonia in medium-term to get electricity that will be much cheaper than the present one.