Varna Sees Significant Rise in German and European Tourists in First Half of 2025
German tourists are once again choosing Varna as a destination, according to the latest data from the Ministry of Tourism
Italian energy giant Enel has closed the sale of its majority stake in Maritsa East 3, a Bulgarian coal-fired plant, to US investment fund Contour Global, the company announced.
The Dutch subsidiary Enel Investment Holding BV has transferred its 73% stake in the Bulgarian company Maritsa East 3 AD, owner of a lignite-fueled power plant ("Enel Maritsa East 3"), and 73% of the share capital of the Bulgarian company Enel Operations Bulgaria AD, which is responsible for the operation and maintenance of the plant.
Located in the south-east of Bulgaria, Enel Maritsa East 3 TPP accounts for approximately 10% of the country's total installed capacity. In 2010 it posted revenues of approximately EUR 231 M and EBIT of approximately EUR 69 M.
Enel reached in the middle of March an agreement to sell a 73% stake in Bulgaria's lignite-fired Maritsa East 3 power plant to Contour Global LP for EUR 230 M.
The enterprise value at closing for 100% of the share capital of the companies involved in the disposal is EUR 545 M, corresponding to 0.60 million euros per MW.
Contour Global, which specialises in electric power and district heating businesses, was rumored to be the preferred bidder for the 908 megawatt Maritsa East 3 coal-fired plant in Bulgaria, but initially the deal was hampered by its funding problems. That's why the other main bidder - Russia's Inter RAO - was widely expected to be picked as a buyer of the majority stake.
In late July, Austria's utility EVN, which already owns EVN Bulgaria, an electricity distribution company in south and southeast Bulgaria, confirmed it is holding talks for the acquisition of a majority stake in the Maritsa East 3 coal-fired power plant.
British utility International Power, US power producer AES Corp. and CEZ AS were also said to have shown interest in acquiring Enel majority stake in Maritsa East 3.
In 2009 Enel increased the capacity of Maritsa East Three plant to 908 megawatts, up from 840 MW, and also put new desulphurisation installations on the plant's four units.
Experts expected that the potential buyer is probably eying a 100% stake in the plant, in which the state owns a 27% stake. The rumors were fanned by a statement of Energy and Economy Minister Traicho Traikov, who recently announced that the state can land EUR 200 M from the sale of its stake in the plant.
The plant is located in the Maritsa East lignite coal mining complex in southern Bulgaria, which generates 30% of the country's electricity. Enel also owns wind parks of 42 megawatts near the Black Sea coast, which it also plans to sell.
Bulgaria has reached a strategic financing agreement with the American Citibank for the construction of Units 7 and 8 at the Kozloduy Nuclear Power Plant
Energy Minister Zhecho Stankov shared encouraging news for Bulgaria’s energy sector, highlighting that financial institutions are prepared to provide funding eight times greater than what is required for the construction
Energy Minister Zhecho Stankov has firmly criticized the 2022 agreement between state-owned Bulgargaz and Turkish company Botas, arguing that there was no objective reason to enter into such a deal
Authorities have launched a wide-ranging investigation into the controversial gas transmission agreement between Bulgaria’s state-owned Bulgargaz and the Turkish company Botas
The European Commission is preparing a new phase of green legislation that could significantly impact fuel prices across the EU
As of July 1, a new pricing period begins for household electricity, heating, and hot water in Bulgaria
Operation Rising Lion: Why and How Israel Attacked Iran
EU Population Grows by Over a Million, While Bulgaria Continues to Shrink