NECA advises Varna Green Energy on the sale of 9 MW wind power project

Unit Group, a leading investor in the energy sector in Southeast Europe, commissioned its first investment in Bulgaria.

The investment represents Unit Group's first project in wind energy and is the first 9MW phase of total 10.6 MW wind power project in the village of Prolez, Shabla municipality. Unit Group acquired the project from the Bulgarian specialized engineering company Varna Green Energy in August 2010. Subsequently, Varna Green Energy acted for the first time as balance of plant contractor, as an exclusive partner of Denmark's Vestas, the world's largest supplier of wind turbines. The project marks Vestas' first turnkey EPC contract in the region of Central and Southeast Europe.

Three wind turbines, each of 3 MW, became operational in the village of Prolez. Two more turbines with total capacity of 1.6 MW will be commissioned by end-May 2011. The wind farm will produce 29,600 MWh of electricity per year, sufficient to cover the needs of 10,300 households, while saving about 24,400 tons of carbon emissions annually.

"This is the most professionally developed wind project we have seen in Bulgaria," said Cem Şirin, Vice President of Unit Group.

"A carefully planned and coordinated grid connection has been instrumental to the project's success," said Stanislav Gochev, Manager of Varna Green Energy. "In a region with major grid capacity problems it has been extremely important to find an optimal solution that would enable us to connect to the distribution system," said Gochev.

New Europe Corporate Advisory Ltd. (NECA) acted as advisor to Varna Green Energy on the wind project's sale. According to Kenneth Lefkowitz, Managing Partner of NECA, the deal marks the revival of investment flows in renewable energy in Bulgaria after the global economic crisis.


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