UEG Clean Energy, a Cyprus-registered affiliate of the Chinese oil and gas exploration and production company, United Energy Group (UEG), has agreed to acquire Bulgarian company Green Profit, which owns the 180 MW Polyanovo solar project and the 70 MW Simeonovgrad solar project, for €37.5 million.
The acquisition includes construction and easement rights over multiple land plots in Bulgaria’s Haskovo area, along with licences to build the two projects and their respective auxiliary infrastructures and connecting facilities. UEG intends to commence construction of the two facilities subsequent to finalizing the purchase and aims to have them operational by 2025.
Bulgaria has set a target to reach 27% of renewables in final energy consumption by 2030, including 30% for electricity, 43% for heating and cooling, and 14% for transport. The country will have to add 2.65 GW of renewables to meet these targets, mainly solar (2.17 GW).
According to the InvestBulgaria Agency, UEG has built wind and solar projects in Pakistan, Iraq, and Egypt. Recently, UEG expanded its presence in the European energy market and is now negotiating the acquisition of renewable energy projects with a total capacity of over 1 GW
Source: Energy Ghana