EBRD mulls lending €17.5mn to Bulgaria’s VEZ Svoghe for new greenfield renewable energy projects

EBRD mulls lending €17.5mn to Bulgaria’s VEZ Svoghe for new greenfield renewable energy projects
By bne IntelliNews January 21, 2021

The European Bank for Reconstruction and Development (EBRD) said it is considering providing long-term financing of up to €17.5mn to Bulgarian hydropower plant managing company VEZ Svoghe for the development of new greenfield energy projects.

“The proceeds of the loan will be used to refinance the existing EBRD loan and provide additional funds to enable the sponsor to develop new greenfield renewable energy projects (wind or solar) in countries where the EBRD invests, of a minimum amount equivalent to the EBRD loan amount,” the EBRD said in a project notice.

The company owns and operates a portfolio of five small hydropower plants with a total installed capacity of 15.5MW along the river Iskar. It is majority owned by Petrolvilla Bulgaria, which is controlled by Italian Petrolvilla & Bortolotti S.p.A. group.

The EBRD financing will be part of a larger financing package, worth €28mn. The remaining sum will be provided by a commercial bank, the EBRD noted, but provided no further details.

Related Articles

Belgrade to announce public call for building Serbia-Bulgaria gas intersection

A public call for selecting companies for the construction of the Serbia-Bulgaria gas interconnection is expected to be announced next week, after approvals from the competent European institutions, ... more

USAID and Kazakhstan launch five year $39mn regional energy programme for Central Asia

The US government via the US Agency for International Development (USAID) in partnership with the Kazakh Ministry of Energy has launched a five-year and $39mn regional energy ... more

World Bank to provide $36.5mn for second phase of rehabilitation of Tajikstan’s Nurek hydropower plant

The World Bank will provide $36.5mn for the rehabilitation of the Nurek hydropower plant in Tajikistan based on a grant agreement signed by the government of Tajikistan and ... more

Dismiss