The value of the contract is around €184 and follows a competitive tendering process.
Full construction work on the scheme, which will have an installed capacity of around 100MW, is now under way. Handover of the finished project is scheduled for the start of 2009.
The Hochtief contract comprises the planning and turnkey operation of a 900 metre long dam, extensive subterranean construction, including the powerhouse cavern, as well as 16km of tunnel work.
“I am pleased that we have completed this agreement with Hochtief and that full construction work on the Glendoe scheme is now getting under way,” said Ian Marchant, Chief Executive of SSE. “It has the specialist skills that are necessary to deliver Scotland’s first large-scale conventional hydro electric scheme for 50 years.”