Hydro Power Company Gorna Arda is a Bulgarian company, established in 1999 by the National Electricity Company and the Turkish Ceylan Holding. It is established after the signing of an intergovernmental agreement between Bulgaria and Turkey for a long-term barter. The Turkish side constructs roads and a cascade of hydropower plants in Bulgaria, and Bulgaria exports energy in return. Three hydro power plants are foreseen to be included in the cascade (Madan, Sarnitsa and Ardino), placed on the upper stream of Arda river. The groundbreaking was made in the end of 1999, planning to finish the construction of the cascade in 2006. Soon after that the project was frozen due to contradictions between the shareholders.In 2008 the Austrian company EVN expressed its interest in the Gorna Arda projec