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US power firm AES and Bulgaria sign lucrative wind energy deal

Date: 18.12.2008

American company AES-Geo Energy has signed a contract with Bulgarian officials in Sofia on Tuesday, December 16, containing details surrounding the lucrative deal for the construction of the most ambitious and prominent wind energy project in the country to date.

The official signing ceremony was held at the Council of Ministers' building in the presence of Prime Minister Sergey Stanishev. The vast wind park, which will bear the name “Saint Nicholas”, is valued at 270 million euros. It will have unprecedented output, with an annual capacity exceeding 340 GWh. With this latest scheme of the American company in Bulgaria, the total amount of AES investments in Bulgaria has already surpassed 1.5 billion euros.

In an official statement to the Bulgarian press immediately after the signing ceremony, Bulgarian Prime Minister Sergey Stanishev underlined the importance of AES investment for Bulgaria and for the development and modernisation of the country’s energy sector, which will be boosted considerably by 156 MW new, environmentally-friendly wind installations. “The investment of 240 million euros is vital for the Bulgarian economy at a moment when the whole world is in the grip of a financial and economic crisis,” Stanishev said, as quoted by the Bulgarian national Radio, the BNR.

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