Acwa Power sells stake in Bulgarian solar project

Acwa Power sells stake in Bulgarian solar project

13 Sep 2020

ACF Renewable Energy, a subsidiary of Acwa Power, sold the stake in Acwa Power Karad, the project company for the 60.4MW Karadzhalovo PV project, to Energy Development, an Austrian project developer and investors in the renewable energy sector for an undisclosed fee

Saudi Arabia’s Acwa Power has sold its 100 per cent stake in a 60.4MW photovoltaic (PV) solar plant in Bulgaria.

ACF Renewable Energy, a subsidiary of Acwa Power, sold the stake in Acwa Power Karad, the project company for the 60.4MW Karadzhalovo PV project, to Energy Development, an Austrian project developer and investors in the renewable energy sector for an undisclosed fee.

The Karadzhalovo power plant, which is the largest single-site PV plant in Bulgaria, generated 85.56 GWh of carbon-neutral energy in 2019.

Austria’s Raiffeisen Bank International provided financial advisory services and CMS Sofia provided legal services.

Raiffeisen Bank International AG acts as the exclusive financial advisor to the sellers and CMS Sofia serves as the legal advisor to the sellers.

“ACWA Power Karad was one of our first solar PV project investments and served as a stepping-stone to our future investments in the renewable Solar PV market in the Middle East, Africa and rest of the world. From those beginnings just a decade ago, we are proud to recognize that approximately 25% of ACWA Power’s total portfolio (based on capital cost) which in the meanwhile has multiplied by four times, comprises of renewable power assets,” Paddy Padmanathan, president and CEO, Acwa Power, said in a statement issued by Acwa Power following the asset sale.

Acwa Power has an international power and water asset portfolio of more than $47bn, which includes 34GW of power generation facilities and 5.9 million cubic metres a day (cm/d) desalination assets.

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