Three Seas investment fund investing in owner of PV properties in Bulgaria

Jun 14, 2021 05:05 PM ET
  • The investment fund of the 3 Seas Initiative has actually acquired a 'substantial' stake in Austrian renewable resource group Enery Development, proprietor of a 60 MW solar plant in Bulgaria, state-owned Bulgarian Development Bank (BDB), a capitalist in the fund, claimed.
Three Seas investment fund investing in owner of PV properties in Bulgaria
Image: Enery Development / All rights reserved.

"Utility-scale photovoltaic or pv (PV) generation has yet to be commonly deployed in Central and Eastern Europe (CEE) despite the perfect problems with high levels of irradiation and also accessibility of appropriate land. The significantly pushing need to decarbonise the CEE region is anticipated to existing substantial opportunities for renewables financial investment in the near term," the BDB said in a statement published on its website.

Enery Development has a portfolio of 85 MW running possessions, of which 60 MW in Bulgaria, in addition to a 2 GW pipeline for solar power generation in Bulgaria, the Czech Republic, Slovakia, Austria and Romania, the development bank included.

The 3 Seas Initiative Investment Fund does not disclose information on the quantity of the financial investments it makes, the BDB kept in mind.

In September 2020, Enery Development obtained both the owner and also the operator of the 60.4 MWp Karadzhalovo solar power plant in southerly Bulgaria, for an unrevealed cost. The Karadzhalovo nuclear power plant, which is the largest single-site PV plant in Bulgaria, created 85.56 GWh of carbon-neutral power in 2019.

Vienna-based Enery Development, founded in 2019, is an operations-led eco-friendly power framework investment company which supplies budget-friendly and also reputable clean power to its consumers, according to info released on its LinkedIn account.

At the end of last year, the BDB became a Class A shareholder in the investment fund of the 3 Seas Initiative of 12 EU member states by spending some 20 million euro ($24.2 million).

The 3 Seas Initiative combines EU member states situated between the Baltic, Black, and Adriatic seas - Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Austria, Croatia, Romania and also Bulgaria. The political project intends to promote cooperation for the development of infrastructure in the energy, transportation, and also digital industries, whereas its investment fund is a specialized industrial fund targeting essential framework investment in the region.

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