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16Jan2008
Investee company of Advance Equity Holding to build a solar and new wind farms
Advance Equity Holding’s investee company Energy Invest JSC will make an investment in a photo-voltaic (PV) park near Sofia. Energy Invest, which is wholly-owned by Advance Equity, will acquire a majority stake in InterSol JSC, a company established in the end of last year with the purpose of realization of a project for construction of a solar power plant. Energy Invest will participate in the capital increase of InterSol with BGN 1.1 m, after which it will possess 90% of the company.
“Together with the investment in the solar park we plan to commence the construction of several new wind parks”, said Mr. Ventzeslav Petrov, CEO of Advance Equity Holding, and a Chairman of the Board of Directors of Energy Invest. “We are convinced in the high potential of the “green” energy market and will continue to invest in building of capacity for electricity production from renewable energy sources”, added Petrov.
The PV park will be situated on a site of 43 decares in the neighborhood of the village of Paunovo, Municipality of Ikhtiman. The installed capacity is 882 kW, where a thin-film PV modules will be employed. Modules are manufactured by Kaneka (Japan). The total size of the investment is over EUR 3 m, and will be financed by own and borrowed funds. The construction works will be delivered by the Bulgarian company SunService, which specializes in such activities. The time-schedule for the project envisages commercial exploitation to begin in the early summer of 2008.
The Board of Directors of Advance Equity Holding voted for a capital increase of Energy Invest from BGN 150 thnd to BGN 2.4 m, where the increase will be subscribed and paid in entirely by Advance Equity. “The current capital increase of Energy Invest will be followed by another one in the course of the year, depending on the state of the project for new wind farms and its financial needs”, explained Ventzeslav Petrov.
Energy Invest plans installation of new wind turbines with total capacity of 12 MW. It has bought land sites with measured wind parameters in the Municipalities of Balchik and Kavarna. It is expected the wind farms to be constructed by the end of the current year. Currently, Energy Invest operates an own wind park of 2.4 MW installed capacity near the village of Vidno, Municipality of Kavarna.
