Business briefs and new business

AES Electric has raised (US)$184 million of non-recourse project finance for its 230 MW gas-fired combined-cycle power plant in Barry, South Wales, UK.

Westinghouse has announced a Strategic Cooperation Protocol with Promon Engenharia Ltda. of Brazil, establishing Promon as Westinghouse?s primary local partner in that country. The two companies will work together to identify and pursue project opportunities.

The Tennessee Valley Authority?s Browns Ferry Nuclear Plant, USA, set a new world record for General Electric boiling water reactors, completing the Unit 3 refueling outage in only 19 days and 39 minutes.

Foster Wheeler Power Systems Inc. (FWPS) and ESB, the Irish power utility, have been awarded a contract for a 30 MW waste-to-energy plant near Dublin, Ireland. The power purchase contract went to FWPS/ESB in open bidding. The plant will be fueled by non-hazardous municipal solid waste and is the second project in Ireland?s Alternative Energy Requirement program. The plant will be owned 75 percent by FWPS and 25 percent by ESB.

Brazil?s National Development Bank has officially started privatizing Eletrobras, taking bids to advise on the sale of Furnas and Eletrosul, two of the four power generating units controlled by Eletrobras. The two units are expected to be privatized late this year or early 1998.

Westinghouse Electric Corp. won the (US)$10 million contract to manage implementation of (US)$125 million in operational and safety improvements at the Chernobyl nuclear power plant in Ukraine. Under terms of the contract, Westinghouse and its two subcontractors, National Nuclear Corp. of the UK and the Kiev Design Institute of Ukraine, will establish and operate a project management unit to provide integrated management and engineering support services for 15 safety projects for Chernobyl Unit 3. The project will also include coordination of the construction of a liquid radioactive waste treatment plant and a spent fuel interim storage facility in preparation for decommissioning of all units at the site. The project is being funded by a grant from the Nuclear Safety Account of the European Bank for Reconstruction and Development.

Imatran Voima (IVO) and Tomen Corp., a Japanese trading house, have purchased Hungarian power company Budapesti Eromu for (US)$47.7 million. Budapesti Eromu has five heat and power generating plants and one district heating plant, with a total generating capacity of 250 MW of electricity and 2,500 MW of heat, according to IVO. IVO and Tomen have also announced plans to refurbish existing plants and construct new plants with investments of up to (US)$450 million in the next 10 years.

Tokyo Electric Power Company Inc. has announced plans to start leasing its power grid to private firms after a government decision to lift restrictions on such leasing. Several other Japanese electric power companies are said to be planning similar moves.

Japan?s Federation of Electric Power Companies has announced that generating capacity of the country?s nine leading power companies is expected to jump 33.1 percent to 274.4 million kW by 2006 based on the newly updated 10-year program.