A subsidiary of “Advance Equity Holding” received a grant from EBRD

A grant amounting to 400 000 euro was received by a subsidiary of “Advance Equity Holding”, for its project - building of photovoltaic power plant. The grant is part of the credit line for energy efficiency and renewable energy sources, administrated by the European Bank for Reconstruction and Development (EBRD), which in 2008 was granted a loan of 2 million euro for construction of the power plant. 
“InterSol” AD – a subsidiary of “Energy Invest”EAD - sole property of  “Advance Equity Holding”, built for less than a year a photovoltaic, 1 MW power plant near Paunovo village, territory of Ihtiman municipality. The Solar Park is the largest facility of its kind not only in Bulgaria, but also on the Balkans. Investment of the project is approximately 4m euro, and about 65 % of it was provided by bank financing. 
At the end of March “InterSol”AD signed a contract for purchase of the Solar Park produced electricity with “Chez Electro Bulgaria” AD. At the same time was made an inspection of the facility by an independent consultant of EBRD, as a result the procedure for payment of the grant was started. The procedure was completed in the middle of May 2009.
 “Output of the Solar Park in April covers the forecasts, set in the business plan. We have reasons to expect that in the coming months we will see even better results than planned”, said Ventseslav Petrov, executive director of “Advance Equity Holding” and chairman of the board of directors of “InterSol” AD.
Meanwhile “Energy Invest “EAD began development of a new project for wind farm with capacity of 40 MW. Project is situated in the north-east part of Bulgaria. The company is already operating a wind farm of 2.4 MW in the same region, and has a project for other 13.7 MW in advanced development.   
 
For additional information please contact:
Hristo Valev
Investor Relations Director
“Advance Equity Holding”
E-mail: valev@karoll.bg
Phone / Fax: (02) 4008 352 / 423

Back to news