Chicago-based New Generation Partners, headed by president Dr. Chirinjeev Kathuria, and the company’s consortium partners Eaton Corp. and Chicago-based Jones Lang LaSalle Capital Markets, has signed a cooperation agreement with the Republic of Srpska (one of the two main entities of Bosnia and Herzegovina) for four hydro projects totaling 365 megawatts on the Lower Drina river.
A New Delhi-born physician, Kathuria provided millions of dollars of funding to Russia’s Mir space station in its final days.
A successful entrepreneur in the telecom and medical instrument sectors, the Indian American also ran for the U.S. Senate in Illinois in 2004 and his company, PlanetSpace, bid unsuccessfully for NASA’s International Space Station supply contract several years ago.
The total value of the deal, signed in November by Kathuria and Srpska First Deputy Prime Minister Jasmin Komic, is 1.3 billion euros ($1.67 billion).
“The state of Illinois was very helpful in New Generation Power and its consortium getting the project," Kathuria told India-West. "They were supportive from a government to government level. The state of Illinois and the Serbian governments will be signing MoU’s on promoting various trade and business relationships together."
New Generation Partners said the four hydro power plants would create more than 400 high-salary positions and over 1,000 temporary construction jobs.
The hydro project, one of the largest of its type ever in South Western Europe, will have an annual production of 1,588 gigawatt hours.
A public private joint venture will be formed between Elektroprivreda Republike Srpska and New Generation so the project can be actualized through the concession. A pre-feasibility study has been completed.