Renewables

Inercom Bulgaria divests solar projects in fresh bid to buy CEZ assets

Photo: Pixabay

Published

October 18, 2018

Country

Comments

0

Share

Published:

October 18, 2018

Country:

Comments:

0

Share

Inercom Bulgaria EAD has filed a fresh merger notification to the country’s Commission for the Protection of Competition concerning its deal to buy Czech energy group CEZ’s assets in Bulgaria, having restructured and divested its solar photovoltaic power projects, local media reported, citing a statement from Inercom Bulgaria EAD.

Inercom Bulgaria EAD said that the restructuring was in response to the competition watchdog’s earlier decision to block the deal over concerns about the proposed concentration.

On July 19, the regulator blocked Inercom’s proposal to buy CEZ’s assets in Bulgaria, saying that the deal might hamper competition on the market, Focus News Agency recalled. The six photovoltaic power stations owned by the Inercom group emerged as an obstacle to the deal, with the watchdog saying that the merger would give Inercom significant advantage over other photovoltaic power producers on the market.

Inercom Bulgaria EAD is a special purpose vehicle, incorporated for the purpose of the transaction with CEZ, according to its website. It is part of a group of companies, with the main part of the group’s activity being related to the production of electricity, design, construction, and operational management of power plants generating electricity from renewable energy sources, an earlier press release on the website reads.

The projects that are reportedly no longer part of Inercom’s portfolio included 6 active photovoltaic power stations with a capacity of 23 MW.

According to earlier reports, CEZ agreed in February to sell its Bulgarian assets to Inercom for an estimated EUR 320 million. The news raised concerns as the little-known Inercom was a much smaller company than CEZ Bulgaria, but also over media reports concerning alleged connections between Energy Minister Temenuzhka Petkova and Inercom’s owners.

This led to Temenuzhka’s resignation, which was accepted by Prime Minister Boyko Borisov, but then the Bulgarian government decided not to accept it.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Minister Dubravka Dedovic Djedovic Handanovic Female Leader of Energy Transition award

Minister Dubravka Đedović Handanović receives Female Leader in Sustainable Energy award

29 September 2023 - President of CPOR and Cofounder of WISE Serbia Branislava Jovičić handed the Female Leader in Sustainable Energy award to Minister Dubravka Đedović Handanović

Bulgaria-add-42-GW-wind-outside-protected-areas

Bulgaria could add as much as 42 GW from wind outside protected areas

29 September 2023 - A study found that Bulgaria is expected to increase its total wind power capacity by...

US-Canada-financing-nuclear-reactors-Romania-Cernavoda

US, Canada approve financing for new nuclear reactors at Romania’s Cernavodă

29 September 2023 - US Exim Bank approved a USD 57 million loan and Canada offered CAD 3 billion in financing for new reactors in Romania's Cernavodă plant

Alcazar Energy fund acquires rights wind power Bijela Montenegro

Alcazar Energy fund acquires rights to wind power project Bijela in Montenegro

28 September 2023 - Luxembourg-based Alcazar Energy took over the Bijela wind farm project in Šavnik in Montenegro, of 118 MW