Bulgaria's Albena plans to build biomass plant – media

SOFIA (Bulgaria), April 12 (SeeNews) – Bulgarian resort operator Albena [BUL:6AB] plans to build a biomass plant for electricity and heat generation, local media reported on Friday.

The plant will be built by Albena’s subsidiary Perpetuum Mobile BG, news portal Investor.bg reported.

The project will be financed through a 3.2 million euro ($4.18 million) loan from Bulgaria’s Societe Generale Expressbank. Albena's shareholders will vote on the loan at the general meeting scheduled for May 18.

The loan will be taken out for a period of nine years and its repayment will begin on July 31, 2014. It will carry an interest equal to one-month Euribor plus 5.4% during the construction of the plant, and one-month Euribor plus 4.84% during the remaining period.

($ = 0.7661 euro)

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