May 26,2023

NECA Advises on Sale of Gorichane & Prolez Wind Farms

WPP Gorichane OOD, a Bulgarian wind power developer, has completed the sale of the 80MW Gorichane and Prolez Wind Farms projects to the Finnish renewable energy investor Taaleri Energia.
WPP Gorichane will work with Taaleri Energia over the next 2 years to develop the projects up to the ready-to-build stage. Gorichane and Prolez Wind Farms will be the first projects in Bulgaria to deploy the current generation of wind turbine technology, with nameplate capacity up to 8MW per generator."We're very pleased to have Taaleri Energia on board as our investor. We have secured the strong backing that we need to complete the development and arrange financing for construction," said Ken Lefkowitz, Co-developer at WPP Gorichane. The transaction, comprising the sale of 100% of the project SPV and funding of the remaining development costs, was completed on May 19 and recorded in the Bulgarian Commercial Register today.

The Gorichane and Prolez Wind Farm projects, located about 5km west of Shabla, northeast Bulgaria, currently are at an advanced stage of development, with land for up to 14 turbine sites and a substation, a grid connection contract, and a well-established wind resource. Once commissioned, they will be the 3rd-largest wind power operator in Bulgaria.

WPP Gorichane is re-permitting the projects for the current generation of wind turbines, as the projects originally were developed and permitted for much smaller 2nd generation turbines. "We look forward to working with our partners and the communities to finish these projects," said Stanislav Gochev, Co-developer at WPP Gorichane. "We're going to bring a major boost to the local economy and a significant improvement in infrastructure."

WPP Gorichane is a joint venture between Mr. Lefkowitz and Mr. Gochev. The development team comprises 8 professionals in power and civil engineering, property and industrial development, and finance.

New Europe Corporate Advisory Ltd. and Yankulov & Associates law firm advised WPP Gorichane on the sale.



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