Serbia is to invest €9bn ($12.81bn) in power plants in the next five to seven years, Serbia’s Minister of Energy and Mining Petar Skundric said.

He also said that around €5bn will be invested in constructing new power plants while €4bn ($5.69bn) will be allocated to the revitalisation and maintenance of existing plants, and in environmental protection, the official Tanjug news agency reported.

The revitalisation of the Bajina Basta power plant, costing €65.5m ($93.26m), is due for completion in 2013.

The project will be carried out by several Serbian firms and Austrian company Andritz Hydro. It will raise the plant’s capacity from 368MW to 422MW.