Slovenia may face $400m damage pay out to Alstom after delay

Slovenia may have to pay $400 million worth of damages to Alstom SA (ALO) of France if the government doesn’t provide guarantees for the upgrade of a thermal power plant.

Bloomberg reports that Slovenia should provide guarantees of $587m by May 20 for the project in Termoelektrarna Sostanj, otherwise Alstom, which is providing the equipment for the upgrade, will stop all work at the plant, a Ljubljana-based newspaper said.

The $1.6bn project has already been delayed since October, when the previous government of Prime Minister Borut Pahor was ousted and now it is up to the new administration of premier Janez Jansa to decide on the guarantees.

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