Lukoil to invest overall €50 mln in a wind farm construction in Bulgaria

The Russian oil producer Lukoil plans to purchase wind power plants in Bulgaria, announced yesterday the RIA Novosti Agency. The company wants to acquire wind farms in Bulgaria with a power exceeding 20 MW. Besides, it is willing to pay a price higher than €50 mln. It is expected the purchase transaction to be completed by the end of this or early next year.

A representative of the Lukoil press service confirmed that such negotiations were actually underway without commenting on any additional details. In fact, the northern Black Sea coast proved to be the most favourable location for the construction of wind power plants, but the access to the network is problematic because of the many wind farms in the area.

In July, the European Commission approved the establishment of the joint venture LUKErg Renew between Lukoil Ecoenergy LLC and the Italian company ERG Renew. It was set up in May, whereas each party holds 50-percentage share in it. Initially, the company is expected to operate on renewable energy projects in Bulgaria and Romania, while at a later stage it will also cover Ukraine and Russia.

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