January 22 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said that it is considering providing a loan of up to 17.5 million euro ($21.3 million) to Bulgarian hydro power plant (HPP) operator VEZ Svoghe in the context of the company's acquisition by an experienced renewable energy developer.
The long term financing will be used to refinance the existing EBRD loan and support the sponsor to expand its activities in Bulgaria and enable the development and financing of its renewable energy pipeline in Central and Southeast Europe, to be constructed over the next four years, the EBRD said in a project summary document on Wednesday.
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The EBRD loan will be part of a larger financing package worth up to 28 million euro. The remainder of the package will be contributed by an unnamed commercial lender.
VEZ Svoghe owns and operates a portfolio of five small HPPs with a total installed capacity of 15.5 MW along the Iskar river, in western Bulgaria.
At the end of 2019, VEZ Svoge was 99.9% owned by renewable energy company PVB Power Bulgaria and held 0.1% of its own capital, according to its latest financial report published on the website of the commercial register.
($ = 0.82311 euro)