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US company AES to build Bulgaria's largest wind power park

Date: 17.12.2008

Representatives of the American company AES and of the Bulgarian government signed Tuesday the paperwork for the realization of the largest renewable energy investment in the country.

Bulgaria's Prime Minister Stanishev and the US Ambassador to Sofia McEldowney also attended the formal launch of AES's project for the building of a wind power park close to the town of Kavarna in northeast Bulgaria.

The Sveti Nikola (St. Nikola) project envisages the building of a wind power park for EUR 270 M with 52 wind power generators, and a total production capacity of 156 MW.

The park will be managed by AES-Geo Energy, which has signed a 12-year contract with Bulgaria's National Electric Company NEK for the purchase of the produced electricity.

EUR 60 M for the wind power park are provided by AES, and the rest of the sum comes from the European Bank for Reconstruction and Development, the International Finance Corporation, UniCredit Bank, and UniCredit Bulbank.

Bulgaria's Economy and Energy Minister Petar Dimitrov stated the AES investment demonstrated the will of the Bulgarian and US governments, and of the creditors of the project to take firm anti-crisis measures.

"This project is a joint Bulgarian-American kiss against the global financial crisis", Dimitrov stated at the ceremony for the signing of the contracts for the AES investment.

The Sveti Nikola Wind Power Park is supposed to be completed in less than a year - by October 2009.

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