Slovenia will “shortly” provide state-guarantees of 440 million euros ($567 million) for the upgrade of thermal plant Termoelektrarna Sostanj d.o.o., Finance Minister Janez Sustersic said.

“We have come to the point to be able to say that the guarantee contract will be approved shortly,” Sustersic told reporters in the capital Ljubljana today. “This won’t happen overnight and it will take some time, but it ultimately will be approved.”

The upgrade for the plant in the town of Sostanj in northern Slovenia may cost as much as 1.3 billion euros and is the country’s biggest energy investment. Alstom SA (ALO) of France is providing the equipment. Loans for the project have been pledged by the European Investment Bank and the European Bank for Reconstruction and Development.

To contact the reporter on this story: Boris Cerni in Ljubljana at bcerni@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net