Economy Minister Valon Saraqini visited the municipality of Terace on Saturday to oversee the construction of four hydro-power plants, being built by the Skopje branch of the foreign company 'SOL HYDROPOWER'.

This company will build three small HPPs in Tearce (on Bistrica River) with a total installed capacity of 7.5 MW, Saraqini told reporters. The plants - an investment of about EUR 15 million - will generate 28 GWh of electricity on annual basis, he added.

In favor of local, regional development, the Ministry of Economy has also signed four concession agreements for construction of HPPs on the Odranska River with total installed capacity of 3.4 MW and annual electricity generation of about 14GWh.

Over EUR 22 million is to be invested in the construction of these seven HPPS in the next two-three years. The construction works that make about 70 percent of the investments will be executed by domestic companies, which will revive the local economy, Saraqini said.

A total of 17 small HPPs have been constructed thus far under the all signed concession agreements. Half of the 15 HPPs that are under construction should become operational by the end of 2013 and early 2014.