China's UEG buys rights to 250-MW Bulgarian solar project

A unit of Chinese oil and gas company United Energy Group (HKG:0467), or UEG, has agreed to acquire Bulgaria’s Green Profit and thus take hold of the construction rights for a 250-MW solar project in the Balkan country.

UEG Clean Energy has sealed a deal to buy the Bulgarian company in a deal worth EUR 37.5 million (USD 40.4m), UEG said in a bourse filing on Tuesday. The company explained that the move will enable it to build a photovoltaic (PV) complex located between the town of Simeonovgrad and the village of Polyanovo in the southern Haskovo region.

Specifically, the Chinese firm will indirectly receive construction and easement rights over several sites around Haskovo and permits to develop the 70-MW Simeonovgrad and the 180-MW Polyanovo parks, collectively called Simeonovgrad-Polyanovo PV farm. Rights to building the respective ancillary infrastructure and grid-connection facilities are also part of the package.

The PV project already has a shovel-ready status. UEG intends to kick off construction activities as soon as the deal closes and commission the capacity by 2025.

UEG is currently holding talks to acquire over 1 GW of renewable energy projects as part of its European expansion, according to the Bulgarian government’s InvestBulgaria Agency.

(EUR 1.0 = USD 1.077)

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