American company to buy a Bulgarian TPP for €230 mln

The US ContourGlobal company will become the new majority owner of the Thermoelectric Power Plant (TPP) Enel Maritza East 3, announced officials from the Italian Enel corporation yesterday. ContourGlobal will acquire the Bulgarian TPP for €230 mln. Enel now holds a 73% share in the TPP, while the remainder is owned by the National Electricity Company (NEK). Enel has substantially rehabilitated the facility, investing around €900 mln in it. After the repair, the capacity of the plant was increased to 908 MW. The plant sells its electricity to NEK at a price of BGN 126 / MWh under an agreement, part of a long-term contract. Since November last year, one of the turbines in the TPP has shown a deficiency in the blade but the problem has not been resolved yet.

In 2010, the TPP's revenues stood at €231 mln and its gross profit was €69 mln, announced officials from the Italian company.

The sale of the 73% share in the Bulgarian plant is part of Enel's plan to split assets of the company in order to reduce its liabilities. According to Enel, the deal with the Bulgarian plant, which must be concluded in July this year, will reduce the total indebtedness of the company by €450 mln. The company intends to sell its two wind farms in the country, as well. They are located near the vilage of Kamen Bryag and the town of Kavarna and have a capacity of 42 MW, informed Darik radio.

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