Lukoil to Buy Wind Farm Worth EUR 17.6 M near Bulgaria's Balchik

Energy | June 24, 2013, Monday // 13:08|  views

Photo by EPA/BGNES

LukErg Renew, a 50/50 joint venture of Russian Lukoil-Ecoenergo and Italian ERG Renew, has agreed to buy wind farms in Bulgaria and Romania for a total of EUR 127 M.

The deal concerns Bulgarian renewable energy project Hrabrovo near the Black Sea coastal town of Balchik and Romanian wind farm Gebeleisis, according to reports of Capital Daily.

The seller is Danish wind turbine manufacturer Vestas Wind Systems A/S

The Bulgarian site, evaluated at EUR 17.6 M, is the second investment of LukErg Renew in the renewable energy sector after the acquisition of three wind farms near the Bulgarian coastal town of Kavarna from Raiffeisen Energy and Investment in 2012.

The deal value has not been announced but the transaction is to be finalized by Q3, 2013 after it is cleared by EU anti-trust bodies and the Bulgarian Commission for Protection of Competition (KZK).

If the deal is successfully completed, the total capacity of Lukoil's wind farms will reach 56.5 MW.

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Tags: wind farm, Kavarna, Lukoil, Balchik, Commission for Protection of Competition, LUKERG Renew, renewable energy


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