The Chinese company CMEC is building a new thermal power unit in the TE-KO thermal power and mining complex located in Kostolac, Serbia. The new 350 MW power plant will be fully functional in 2019. The project became viable in December 2013 thanks to an agreement between Serbian and Chinese officials on a loan that covered the construction of the facility, which has an estaimted value of €655m. Roughly €557m of this will come from the China Exim Bank loan and the rest will be financed by state-owned energy producer EPS, which owns the Kostolac complex, and by the Serbian government.
The Kostolac complex now operates two power plants. When the third plant is put into operation, the complex will be able to generate 20 percent of all the energy produced in the country.
