LONDON (Thomson Financial) - Vimetco N.V. said it and InterAgro SA. have formed a joint venture to support the construction of a power plant in Romania.
The new company, called TM Power SA and held 50:50 by the venture partners, will build a coal-fired power plant with a capacity of minimum 1,000MW near Turnu Magurele.
Vimetco said its local operations, Alro SA, and InterAgro are both major power consumers in Romania.
Chief executive Christian Wuest said the company is confident the project will take off this year and first power will be available by the end of 2012.