French renewable energy company Akuo Energy said that it has completed the refinancing of its portfolio of five hydropower plants in Bulgaria with a total installed capacity of 15.5 MW, which it acquired last year with the takeover of PVB Power Bulgaria.
The transaction was concluded with the participation of the European Bank for Reconstruction and Development (EBRD) and UniCredit Bulbank. As part of the deal, French investment management company RGreen Invest acquired a stake of 49 % in the operating portfolio through its INFRAGREEN IV fund.
The five HPPs in question entered operation in the period between 2010 and 2013. They are located on the Iskar river near Svoghe, in western Bulgaria, and cover the electricity needs of over 20,000 households.
The portfolio will contribute to Bulgaria’s targeted 2.6 GW increase in renewable energy capacity to nearly 7 GW by 2030, as the country aims to increase the share of renewable energy in its overall electricity mix to over 30 % in that period.
Akuo’s Bulgarian subsidiary already has four hydropower plants with combined installed capacity of 63 MW.
