Akuo Energy completes acquisition of 63 MW hydropower portfolio in Bulgaria
Akuo Energy has completed the acquisition of CHB, a portfolio of four active hydroelectric plants in Bulgaria with an installed capacity of 63 MW. The portfolio was purchased from EDF Renewables.
Substantial strengthening of the hydroelectricity division The acquisition of this portfolio allows Akuo Energy to strengthen its hydroelectric division and accelerate its activity in Bulgaria as an IPP but also as a player on the deregulated energy market. This external growth operation enables the French group to acquire a team of 30 engineers and technicians specialised in running and maintaining hydroelectric plants. This experienced team will strengthen the Group’s current hydroelectric teams and help it achieve its sizeable ambitions regarding this type of energy, hydroelectricity complementing Akuo’s traditional activities that are wind, solar and biomass.
Akuo Energy becomes a major energy player in Central Europe Targeting an energy mix where 20% of the electricity produced comes from renewable sources by 2026, Bulgaria represents a key market for Akuo Energy. It has substantial renewable energy resources, a well-interconnected electric grid and ageing coal-fired power plants that will increasingly be replaced by renewable energies and stored energy in the future. With this ramping up of its activity in Bulgaria, the Akuo Energy group – established in the region since 2010 – is supplementing its existing assets in Croatia, Montenegro and Ukraine, as well as its projects under development in Greece, Serbia and Kosovo.
Country updates
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September 17, 2018
Inercom Bulgaria divests PV assets to win approval for deal with CEZ
The owner of Bulgaria’s family-owned Inercom Group, Ginka Varbakova, has divested several assets in photovoltaic power operations in order to save the deal with Czech CEZ'...
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March 09, 2018
The government of Bulgaria has requested a controlling stake in the assets to be sold, given the doubt across the political and public sphere of Inercom's ability to handle them
The government of Bulgaria has requested a controlling stake in the assets to be sold, given the doubt across the political and public sphere of Inercom's ability to handle them. CEZ has announced that it has agreed with Inercom to study the possibility of the Bulgarian state taking a stake in the assets
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March 01, 2018
Black Toro Capital has launched the stakes acquisition agreement with Ebioss Energy
Black Toro Capital has launched the stakes acquisition agreement with Ebioss Energy. The two companies are expected to confirm the deal within 90 days
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February 26, 2018
The Energy Minister of Bulgaria has resigned due to her links with Inercom
The Energy Minister of Bulgaria has resigned due to her links with Inercom. The Prime Minister has stated publicly that the government did not influence the deal in any way, and that the country’s energy, financial and anti-trust regulators, as well as the intelligence services, would look closely into the deal, including the origin of the funds for the transaction
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February 23, 2018
CEZ has signed a deal to sell its Bulgarian asset to Inercom
CEZ has signed a deal to sell its Bulgarian asset to Inercom. This has raised concerns among lawmakers across political parties in Bulgaria about the ability of the little-known company with allegedly little capital to take over CEZ's operations
