Businessman Nedko Mladenov’s company BCI bought five photovoltaic parks near Kazanlak in Bulgaria from Bosch Solar Energy for EUR 10 million, Capital.bg reported. He is the head of BCI Kazanlak Holding, which used to manage the facilities. The solar power plants of 4.98 MW each have been connected to the grid since July 2, 2012. The deal was concluded in April, with a EUR 10 million loan from Investbank, even though the value of the shares was symbolic, documents filed to the Commercial Register show, the article says.
Original intention of Bosch Solar Energy is to participate only as a subcontractor of solar energy projects in Bulgaria, according to statements of the company’s representatives to the media. However, it financed the five projects and has been trying to sell them since they were constructed. The company manufactures solar panels and has offices in Australia, India and the United States. Acquired businesses had an annual turnover of just over BGN 8 million (EUR 4.09 million) in 2013, documents show. Assets are estimated at EUR 35.81 million.
Transactions in the sector are rare, because the environment is very uncertain, the article said.