United Energy Group (UEG) Signed а Deal to Acquire the Bulgarian Developer Green Profit with a 250 MW Solar Photovoltaic Project with a Building Permit
/SOFIA, April 1, 2024, 10:00 BST, RENEWABLE MARKET WATCHTM/ Ms. Mila Nenova, Executive Director of the Bulgarian Investment Agency (BIA), was a special guest at the official contract signing ceremony. United Energy Group (UEG) is a Hong Kong-listed energy company with a strong focus on traditional oil and gas sectors and the development of green energy projects. Over the years, UEG has demonstrated steady growth in renewable energy initiatives, successfully building wind and solar projects in Pakistan, Iraq, Egypt, and others. UEG has recently expanded its presence in the European energy market and is currently negotiating the acquisition of renewable energy projects with a total capacity of over 1 GW. UEG's executive chairman and vice president (UEG), Leslie Zhang, attended the event.
The Hong Kong-based oil and gas exploration and production company United Energy Group (UEG) is buying Bulgaria's Green Profit, thus indirectly acquiring the right to build the 250 MW Simeonovgrad-Polyanovo Solar Power Plants. The Haskovo company will be acquired specifically by the UEG Clean Energy subsidiary. The purchase price is EUR 37.5 million, and the group's own funds will finance it.
With the transaction, the Hong Kong company will acquire the easement rights on several land properties located in the town of Haskovo, as well as permits for the construction of the Simeonovgrad solar PV power plant with a capacity of 70 MW and the Polyanovo solar PV power plant with a capacity of 180 MW. The company also becomes the owner of the respective auxiliary infrastructures and connection facilities on the aforementioned land properties. UEG added that after the deal is completed, "the group intends to start construction of the project and commission the largest solar facility in Bulgaria by 2025."
Picture 1: Signing Ceremony of 250 MW Simeonovgrad-Polyanovo Solar Power Plants in Sofia, Bulgaria; Source: Bulgarian Investment Agency (BIA)
The BIA announcement does not clarify the administrative procedures for project construction at what stage. The documents cite Bulgaria's commitment to the development of the renewable energy sector, which has been growing in recent years. UEG added, "the strongest growth is expected in the solar segment, making Bulgaria one of the best in the EU in the coming years.".
History of Solar Market Development in Bulgaria
In the last few years, Bulgaria has been the focus of the investors’ interest. The political stability and predictability due to the NATO membership and the EU accession, the stable economic perspective and the growing credit rating of the country and its institutions were only some of the elements attracting the investors’ interest. The rapidly developing national industry has attracted external investors, a highly skilled workforce and a growing renewable energy market. By the end of 2023, Bulgaria had a cumulative installed capacity of almost 3,000 MW (3GW) and registered an increase of 1,200 MW (1.2 GW) compared to 2022. The Bulgarian solar power market has been proliferating quickly since 2021, according to the recently published study Bulgaria Solar Photovoltaic (PV) Power Market Outlook 2024÷2033. For the first time in 2023, Bulgaria entered the group of European countries and installed more than 1 GW of new capacity for one year.
Chart 1: Cumulative Installed Capacity of Photovoltaic (Solar PV) Power in Bulgaria 2013 - 2023 (in MW); Source: Renewable Market Watch™
Several large-scale solar photovoltaic (PV) projects with a power capacity above 100 MW were launched into commercial operation in Bulgaria between 2021 and 2023. Local and international investors will build new solar projects between 2024 and 2027.
More information about other large-scale solar projects planned in Bulgaria, a detailed scheme of the permitting and administrative procedure for solar photovoltaic (PV) power plants, a map of grid-saturated areas in Bulgaria, and full contact details of important solar project owners and developers, and much other information you will find in: Bulgaria Solar Photovoltaic (PV) Power Market Outlook 2024÷2033
In order to download the executive summary brochure with sample pages, please access from here: Bulgaria Solar Photovoltaic (PV) Power Market Outlook - Sample
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