Saudi Arabia's Acwa Power Acquires 42% of Bulgarian Solar Park
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Saudi Arabia-based water and power project developer Acwa Power has acquired a 42% stake in a solar photovoltaic power plant in Bulgaria's Karadzhalovo.
The plant is constructed by SunEdison of USA and utilizes polycrystalline silicon solar photovoltaic technology.
The plant rated at a capacity of 60MWp is expected to produce 81,000 MWh per annum on average. The plant has been operating since March 2012 and is already dispatching electricity to the Bulgarian power grid. The off-taker is the state National Electricity Company (NEK) of Bulgaria.
The solar plant will be owned by the company in which Acwa Power has the 42% controlling interest. Quite separately, the plant will be operated by a new company formed in Bulgaria by NOMAC, a subsidiary of Acwa Power, and SunEdison in which both companies will have equal shares of ownership.
"We are proud to enter not only our sixth international market but also our first investment in renewable energy," Paddy Padmanathan, President and CEO of Acwa Power, has commented in a statement.
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