Chinese firm UEG buys two solar projects in Bulgaria

United Energy Group Limited has bought two solar power projects in Bulgaria with a total capacity of 250 MW.

Oil and gas company United Energy Group Limited said its subsidiary UEG Clean Energy signed a sales and purchase agreement with Bulgaria-based Green Profit.

The purchase price for 100% of Green Profit’s shares is EUR 37.5 million, according to a bourse filing. The target company is owned by businessman Delcho Nikolaev Pehlivanov.

UEG Clean Energy is a limited liability company incorporated in Cyprus and the holding company for the group’s renewable energy sector in Europe. It is tasked with expanding solar and wind power generation businesses.

United Energy Group Limited is registered in the Cayman Islands and Bermuda, but listed and headquartered in Hong Kong.

The deal includes construction and easement rights for several land plots in the Haskovo region in the south of Bulgaria as well as permits to develop photovoltaic projects Simeonovgrad of 70 MW and Polyanovo of 180 MW. UEG will also get ancillary infrastructure and connection facilities on the land it is purchasing, the document reads.

The Chinese company plans to commission Bulgaria’s largest solar power facility by 2025

The Chinese company said it intends to fully realize the two ready-to-build projects after the transaction is completed, and to commission “Bulgaria’s largest solar power generation facility by 2025.”

It added it would fund the purchase with internal resources.

UEG is negotiating the acquisition of renewable energy projects in Europe

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, IBA said.